Tekfen reported a loss in the first quarter

Tekfen Holding announced a loss of TL 359 million in the first quarter of 2023. The expectation was for a net profit of TL 302 million. Tekfen Holding announced its financial results for the first quarter of 2023. The company's net profit amounted to a loss of TL 359 million, compared to the market's expectation of a net profit of TL 302 million. The company had made a net profit of TL 105.4 million in the same quarter of the previous year. The increase in financial expenses and depreciation were the main factors in the limited net loss recorded in the first quarter. Tekfen Holding's consolidated net sales increased from TL 5.3 billion in the same quarter of the previous year to TL 9.25 billion in the first quarter of this year. The market expected a turnover of TL 8.4 billion. Of the sales revenue of TL 9.25 billion in the first quarter, TL 5.8 billion came from the chemical industry and TL 2.9 billion from engineering and contracting services. The company’s EBITDA was realized as TL 249 million in the first quarter. The expectation on the EBITDA side was TL 357 million. The holding’s consolidated EBITDA margin was 2.7 percent. TL 300 million in one-time earthquake tax accrued in the first quarter Within the framework of the 10 percent one-time additional tax application in the first quarter of this year, a total of TL 299 million in additional earthquake tax was accrued to Tekfen Holding and Group Companies, while it was announced that 80 percent of the accrued amount was related to Toros Tarım. Classic domestic fertilizer sales prices decreased by 23 percent in USD and 22 percent in TL in the first quarter of 2023 compared to the previous quarter. Prices decreased by 6 percent in USD and 24 percent in TL compared to the same period of the previous year. In the first quarter of 2023, Toros Tarım's total domestic fertilizer sales increased by 51 percent compared to the same period of the previous year due to the low base effect, reaching 555 thousand tons. On the engineering side, it was announced that the backlog (remaining work amount) is expected to be around 1.1 billion dollars - 1.2 billion dollars by the end of 2023, based on ongoing tenders and new tender invitations received.