Doğan Holding grows 78% in 2023, posts TRY 52.6 billion in revenues


Doğan Holding announces its financial results for 2023. In 2023, Doğan Holding’s consolidated revenues grew by 78% year-over-year to reach TRY 52.6 billion. Doğan Holding's operating profit for 2023 soared by 111% in inflation-adjusted terms, reaching TRY 11.5 billion.

According to the consolidated financial statements submitted by Doğan Holding to the Public Disclosure Platform (KAP), the Holding’s consolidated revenues for 2023 totaled TRY 52.6 billion. The Holding’s gross profit for 2023 climbed 95% year-on-year to TRY 9.6 billion, while its operating profit reached TRY 11.5 billion, up by 111% year-over-year. In 2023, Doğan Holding's net profit surged by 28% to TRY 297 million.

Doğan Holding’s net profit for the period was TRY 2.8 billion, up from TRY 1.4 billion with a 103.45% growth, driven by the significant increase in operating profits as well as investment revenues.

Performance highlights during this period include Hepiyi Sigorta's remarkable expansion in the insurance sector, Doğan Trend Otomotiv's noteworthy market share growth, and the standout success of Karel Elektronik, Türkiye's leading technology company. Doğan Holding’s net profit for the period was realized as operating profit, driven by the strong operational performance, financial revenues, and the profit obtained from the sale of Aytemiz shares.

‘Our strategic initiatives propelled us to achieve robust financial outcomes for the entirety of 2023’

Çağlar Göğüş, CEO of Doğan Holding, attributed the 111% growth in operating profit, which reached TRY 11.5 billion, to the strong operational performances in the Holding’s focus areas. Göğüş also added:

“Doğan Holding continues to deliver robust financial results by adeptly managing its portfolio within strategic sectors outlined in our corporate strategy. The stellar performance of recently acquired and newly established companies underscored the effectiveness of our strategy throughout 2023. Hepiyi Sigorta's rapid industry disruption contributed to a staggering 187% year-over-year increase in our finance and investment segment revenue. Hepiyi Sigorta swiftly emerged as a key player in the digital insurance arena, boasting over 6,500 agencies within a brief timeframe. In the automotive trade and marketing segment, we achieved a 212% increase in revenue on an annual basis, thanks to the increasing market share of our MG brand. We continue our investments in the automotive industry. We are starting motorcycle production with Doğan Trend Otomotiv, our umbrella company in the automotive industry. Our first motorcycle is slated to roll off the assembly line this September.  Notably, our industry and trade segment witnessed a 19% revenue surge in 2023, buoyed by the contribution of Karel Elektronik. Collaborating with Daiichi, a Karel subsidiary renowned for its robust international footprint, we are extending our strength in consumer, defense, and telecommunication electronics into automotive electronics. Our ongoing modernization efforts have propelled Karel to the forefront of modern and independent electronic facilities in Europe, with 70% of our US$ 15 million investment already realized. Upon the completion of our modernization efforts, we anticipate a 30% increase in our production capacity. Galata Wind, a strategic asset, continued its investment drive in 2023, aiming to achieve a capacity of 550 MW by 2025-26 and 1,000 MW by 2028. Also worth noting in 2023 was the acquisition of Zingat, the most innovative real estate website in the sector, by Hepsiemlak, Türkiye's esteemed real estate platform. By partnering with Property Finder, we have once again demonstrated the confidence of global investors in both our Group and the potential of our nation.

Emphasizing that, in 2023, they distributed TRY 675 million in dividends as a result of having implemented the right strategy, a diversified portfolio and timely strategic actions, Göğüş underlined that they prioritized value creation and sharing that value.

Reflecting on the three-year journey of Doğan Investment Bank, Mr. Göğüş remarked, "Our bank remains committed to generating sustainable value-added, offering financial solutions at global standards, and leveraging our expertise in both local and international markets. Recently, Doğan Investment Bank acted as the financial advisor and coordinator for the Türkiye Wealth Fund’s (TWF) US$ 100 million Islamic finance agreement with Sharjah Islamic Bank (SIB). Previously, our bank served as the exclusive sell-side advisor, representing Doğan Holding and Aytemiz members in the sale of Aytemiz, a 50% subsidiary of Doğan Holding. As a Group, we deeply appreciate the significant contribution of our Bank to both our Group and the nation's economy.”

We Will Continue to Create Sustainable Value

Göğüş affirmed their robust progress towards strategic objectives through an active portfolio management approach, and added:

Boasting 65 years of experience, we took pivotal steps in 2023 toward establishing an investment holding that generates enduring value for all stakeholders. 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. Since 2020, we have been reshaping our portfolio with a focus on strategic segments. Consequently, we have divested from certain sectors while initiating activities in new sectors. Our commitment extends to continued investment in our existing spheres of operation and in future-oriented sectors.  Over the next five years, we plan to invest nearly US$ 1 billion. Sustainability remains our guiding principle, as we persist in creating value for investors, customers, employees, and our nation.”





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