Koç Holding's first quarter profit in line with expectations

Koç Holding's first quarter net profit was TL 16.772 billion, in line with expectations. Koç Holding's net profit in the first quarter of the year increased by 150 percent annually to TL 16.772 billion. In the same period of the previous year, the holding's net profit was recorded as TL 6.712 billion. In the same period, the holding's combined revenues increased by 60 percent annually to TL 373.3 billion. TL 147.4 billion of Koç Holding's revenues came from the energy sector, TL 113.4 billion from the automotive sector, and TL 50.0 billion from the finance sector. Koç Holding's first quarter consolidated turnover in dollar terms was recorded as $ 11.9 billion. The holding made a combined investment of USD 691 million in the first quarter of the year. The amount of investment in the last 5 years reached USD 9.6 billion. The share of foreign revenues in the holding's total combined revenues decreased from 32 percent in the same quarter of the previous year to 31 percent, while when Tüpraş's foreign currency-indexed revenues are included, the share of foreign revenues is calculated as 52 percent. In 2023, the holding's dividend revenues increased by over 100 percent annually to 12.4 billion TL. The vast majority of dividend revenues were obtained from companies with foreign currency or foreign currency-indexed revenues. Tüpraş, one of the holding's affiliates, started paying dividends after 3 years, while dividend payments at Yapı Kredi were made according to the BRSA's 15 percent dividend distribution rate. The bank had paid 10 percent dividends in the previous 2 years. It was announced that the holding's Net Asset Value discount had reached historically low levels, and it was stated that the main reasons for this were the sales in Turkish stocks, the indicator position, Turkey's risk premium, and the high correlation between Koç Holding stocks and the foreign share in the stock.