Doğan Holding increases its revenues by 162% in the first quarter of 2022, gaining a profit of TRY 1.2 billion

Doğan Holding has announced its financial results for the first quarter of 2022. In the first 3 months of 2022, Doğan Holding increased its consolidated revenues by 162% compared to the same period last year, attaining a consolidated revenue level of TRY 7.4 billion.

The Holding’s gross profit for the first 3 months of 2022 increased by 323% compared to the same period of last year, reaching TRY 1.5 billion. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 410% to TRY 1.2 billion. Doğan Holding’s net profit for the period increased by 184%, rising from TRY 417 million to TRY 1.2 billion as a result of the revenues derived from the improvement in operational profit and investment activities.

According to the consolidated financial tables Doğan Holding sent to the Public Disclosure Platform (PDP), the corporation’s consolidated revenues for the first quarter of 2022 amounted to TRY 7.4 billion. Doğan Holding’s gross profit increased by 323%, reaching TRY 1.5 billion in the first 3 months of the year compared to the year before, while Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 410% to TRY 1.2 billion. Doğan Holding’s net profit for the period increased by 184% in the first quarter of 2022 compared to the same period in 2021, rising from TRY 417 million to TRY 1.2 billion.

The primary reason for the increase in revenues is the powerful first-quarter performance of all the companies in the Group.

Doğan Holding CFO Bora Yalınay said that the 410% increase to TRY 1.2 billion in Earnings before interest, taxes, depreciation, and amortization (EBITDA) was due to the increases in the EBITDA figures exhibited by the electricity production, fuel retailing, automotive trade and marketing, and industrial and commercial segments. Yalınay continued by commenting,

“While the revenues of the fuel retailing segment increased by 157%, those of the electricity production segment increased by 229% as a result of the contribution of the wind power stations (WPS) working at high capacity and the increases in electricity prices. The revenues of the industrial and commercial segments grew by 121% due to the strong performance of Çelik Halat, Ditaş and Sesa and also because of the increases in exports. Revenues in the automotive trade and marketing segment expanded by 263%, propelled by high demand and the support of new brands being added to the portfolio.”

Adding that as far as profitability was concerned, all segments exhibited satisfactory levels as a result of increases in operational productivity, effective capitalization, and balance sheet management, Yalınay underlined the fact that the Holding’s gross profitability had climbed by 323% compared to the same period of the previous year, rising from TRY 360 million to TRY 1,5 million, and that the EBITDA margin had risen from 8.6% to 16.8%.

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