Esteemed investors, business partners and valuable employees,
Sabancı Group continued to contribute to the Turkish economy significantly while remaining among the major players in the economy and Turkey’s most respected institutions in 2016.
2016 was a year of challenges and change that witnessed historical turning points for the entire world. It was a year of major change and increasing uncertainty globally alongside the US elections, Brexit, refugee crisis, Syrian conflict, terrorist attacks, and other developments in our region.
The economic outlook was characterized by low commodity prices, low interest rates, weak trade volumes, and lackluster growth. This weak growth period is projected to go on for three more years.
While contracting in Q3, the Turkish economy performed well amid the stagnant global economy. The most striking development in 2016 for Turkey undoubtedly was the coup attempt on July 15. This historically unprecedented threat brought the entire country to the brink of disaster. Our people stood up for democracy in the face of this failed coup attempt that threatened our future. As a result, Turkey woke up to a new dawn.
This period once again reminded us of the importance of taking decisive steps in rule of law, human rights, and solidifying the culture of embracing our differences, which are indispensible elements of democracy. We will continue to support all actions that will foster improvement in these areas in the period ahead.
We have been working with the goal of advancing our country further for more than 90 years with the responsibility of being Turkey’s Sabancı. Because we believe that our country and our people deserve the best in everything at all times. Despite the challenges, Sabancı Group had another successful year in 2016 owing to your dedicated efforts.
We took a number of major steps not just for Sabancı Group, but also for contributing to our country’s development. The Tufanbeyli Plant, Turkey’s largest coal-fired power plant built by the private sector with state-of-the-art and environmentally-friendly technology, commenced operation. We created a groundbreaking, much-needed model in university-industry partnerships in Turkey. We opened the Composite Technologies Center of Excellence, a joint venture of Kordsa and Sabancı University. We unveiled Turkey’s first 100% domestic electric bus as part of a partnership between Temsa and Aselsan. In addition, Temsa Otobüs, which has been serving companies in Silicon Valley for years, continues to develop products geared specifically to Silicon Valley at full speed. We contributed to the concrete of Yavuz Sultan Selim Bridge with special ingredients that were produced by Akçansa exclusively for this project. Our companies received many awards in innovation and technology while distinguishing themselves in sustainability.
Our wishes for 2017 are that terrorism ends; rule of law, democracy and universal values prevail; reforms accelerate in every needed area led by education, further narrowing the gap with contemporary norms; and that we overcome all challenges as “us.” As we have always done, Sabancı Group will continue to be constructive at all times to realize these wishes while we work hard to generate permanent value.
On behalf of Sabancı Group, I would like to thank all of our employees, business partners, customers and shareholders for their contributions to our successful results in 2016.
Chairman and Executive Member