The results of Sabancı Holding in the first quarter were announced
MR. MEHMET GÖÇMEN, THE CEO OF SABANCI HOLDING: “OUR STRONG RESULTS UNDERLY OUR WELL-BALANCED PORTFOLIO AND CORPORATE GOVERNANCE STRUCTURE.”
Sabancı Holding announced the financial results for the first three months of 2019. Mr. Mehmet Göçmen, the CEO of Sabancı Holding, reported in this explanation, “Despite challenging economic conditions, we achieved successful financial results thanks to our strategic and well-balanced portfolio and strong corporate governance understanding. Our position in the industries we are engaged in and our orientation to exports contributed to the completion of this period in line with our targets. However, our priority as the Sabancı Group is our corporate governance competency, which allowed us to achieve these results, our focus on cash management and our reliance on end-to-end effective risk management in all our supply chain processes from procurement to payment, from order to collection. We managed this process by means of decreasing our debts, continuing cash generation and not taking an exchange risk position. The fact that we took our precautions in a timely manner thanks to our corporate governance competency and strength, which also allowed early risk detection, reflected in our financial performance as well. This, in turn, made sustainable growth and stable success possible. We will similarly manage our process selectively and keep our investments in line with our confidence in our country in the upcoming period.”
Noting that some lines of energy, insurance and industry contributed to some positive results in the first quarter of 2019, Mr. Mehmet Göçmen continued, “We took the advantage of our well-balanced portfolio in energy generation. Our strong portfolio enabled us to eliminate negative external factors and create value for our stakeholders. In our cement operations, on the other hand, we took an important step to take our leader position in Turkey to the global arena in white cement with the acquisition of Bunol by Çimsa. Furthermore, we focused on export markets to balance the shrinking domestic demand. Kordsa has become one of the most important leverages of our technological transformation in the new period. Our new acquisitions in Kordsa, in the field of composite materials, took us to the position of supplier to the world’s largest players. In insurance, on the other hand, we achieved positive results thanks to our strong brands and precise fund management.
The consolidated sales of Sabancı Holding amounted to 14.951 Billion TL with a 32% increase in the first three months of 2019 in comparison with the same period of the previous year. The consolidated net parent company profit of Sabancı Holding, was 1.057 Billion TL in the first three months of 2019 and showed about a 15% increase in comparison with the same period of the previous year, excluding the one-time income resulting from the public offering in 2018. The total assets of Sabancı Holding reached 405.288 Billion. TL whereas its total consolidated equity belonging to the parent company amounted to 29.387 Billion TL in the first three months of 2019.
We will increase our export volume with a priority of creating value for our stakeholders and continue to grow and invest in the domestic market, with the use of the power of our portfolio in the upcoming period as well. We will also continue our technological and cultural transformation process shaped with our vision of ‘Sabancı of the New Generation’ in the light of our strategic and long-term perspectives. We will put all actions we take into practice with the responsibility of creating value both for our Group and our country.”