Doğan Holding achieves 209% growth in revenue, earning TRY 7.6 billion in profit in the first nine months of 2023


Doğan Holding has released its financial statements for the first nine months of 2023. In the first nine months of the year, during which Doğan Holding made steady progress towards its strategic targets, the Holding’s consolidated revenues grew 209% year-over-year to hit TRY 29.1 billion. In the first nine months of 2023, Doğan Holding’s profit grew 84% to reach 7.6 billion.

According to the consolidated financial statements Doğan Holding submitted to the Public Disclosure Platform (KAP), the Holding recorded TRY 29.1 billion in consolidated revenues in the first nine months of 2023. The Holding’s gross profit for the first nine months climbed 122% year-over-year to TRY 6.4 billion, while its earnings before interest, taxes, depreciation, and amortization (EBITDA) reached TRY 4.5 billion, up by 104% year-over-year. Doğan Holding’s net profit for the period rose 84% year-over-year to reach TRY 7.6 billion.

During this period, key drivers of performance were Doğan Trend Otomotiv, which continued to experience high demand for the brands in its portfolio, Galata Wind, one of Türkiye’s leading renewable energy companies, Hepiyi Sigorta, an innovative and fast-growing player in the insurance sector. Doğan Holding’s net profit for the period was TRY 7.6, up 84%, driven by the strong operational performance, financial revenues, and the profit obtained from the sale of Aytemiz shares.

‘Our rapid and robust performance is driven by our newly acquired and established subsidiaries, in addition to our existing operations’

 Çağlar Göğüş, CEO of Doğan Holding, attributed the 104% growth in the EBITDA, which reached TRY 4.5 billion, to the strong operational performances in the Holding’s focus areas. Göğüş elaborated as follows:

 “As Doğan Holding, we continue to achieve strong financial results as we manage our portfolio with a focus on our strategic segments. The performances of our newly established or recently acquired companies in particular are testament to the accuracy of our strategy. In the automotive trade and marketing segment, we achieved a 435% increase in revenue on an annual basis, thanks to the increasing market share of our MG brand. Our revenues in the industry and trade segment increased by 96% with the addition of Karel Elektronik, which we added to our portfolio last year.  The ongoing capacity and modernization investments of Karel Elektronik, along with the impressive performance of its subsidiary Daiichi, a global electronic company, have strengthened our expectations for the upcoming years.  The remarkable contributions of Hepiyi Sigorta, which commenced its operations last year and quickly made its mark in the industry, Doğan Investment Bank, which has been stepping up its regional operations since last year, and Doğan Factoring have led to an impressive 1,114% revenue growth in the finance and investment segment on a year-over-year basis. Galata Wind, a strategic subsidiary of Doğan Holding, continued its investments and achieved successful results in the first nine months of this year.  As a result, our revenues in electricity generation increased by 24% on an annual basis. “ 

Göğüş emphasized that profitability has remained positive due to the Holding’s balanced and diversified business portfolio despite rising production and financing costs and various macro challenges, noting that Doğan Holding’s net profit increased by 84% year-over-year, rising from TRY 4.1 billion to TRY 7.6 billion.

Our Compass: Sustainability

Göğüş underscored that the Holding is making steady progress towards its strategic goals with an active portfolio management approach, and concluded his remarks:

 “With the strength we draw from our 64-year history, we will remain an investment holding company that creates sustainable value for all stakeholders in the second century of our Republic as well. Guided by our strategy, we are committed to further strengthening our performance in renewable energy, industry, electronics, automotive, insurance, and investment banking with organic and inorganic new investments. Sustainability is our compass, and we will continue our growth by creating value for our investors, customers, employees, and most importantly, our nation.



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