Doğan Holding posts TRY 3.0 billion in profits in 1H22, with 176% growth in revenues

Doğan holding announced its financial results for the first half of 2022. In the first six months of the year, Doğan Holding’s consolidated revenues grew 176% year-over-year to hit TRY 18.0 billion.

Holding’s gross profit in the first half of 2022 surged 250% year-over-year to TRY 2.8 billion, while its earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed to TRY 2.2 billion with a 309% jump. Doğan Holding’s net profit for the period was TRY 3.0 billion, up from TRY 695 million with a 331% growth, driven by the significant increase in operating profits as well as investment revenues.

According to the consolidated financial statements Doğan Holding submitted to the Public Disclosure Platform (KAP), the Holding recorded TRY 18.0 billion in consolidated revenues in first-half 2022. The Holding’s gross profit for the first six months climbed 250% year-over-year to TRY 2.8 billion, while its earnings before interest, taxes, depreciation, and amortization (EBITDA) reached TRY 2.2 billion, up by 309% year-over-year. Doğan Holding’s net profit for the period leapt 331% over 1H21, up from TRY 695 million to TRY 3.0 billion.

‘“Strong first-half performance of all group companies is the key driver of the growth in revenues”

Çağlar Göğüş, CEO of Doğan Holding, attributed the 331% growth in the net profit for the period, which reached TRY 3.0 billion, to the strong increase in the net profits of the Holding’s electricity generation, petroleum retail, automotive trade and marketing segments. “The petroleum retail segment achieved 191% growth in revenues, while the electricity generation segment saw its revenues rise 188%, thanks to the contribution of WPPs operating at high capacity and the increasing electricity prices. Meanwhile, the industry and trade segment recorded a 128% increase in revenues, driven by the strong performances and export growth of Çelik Halat, Ditaş, and Sesa. Revenues of the automotive trade and marketing segment jumped 213%, thanks to the ongoing high demand and new brands added to the portfolio.

Better operational performance, improved margins and effective budget management across the board enabled the significant growth in profitability, Göğüş noted, stressing the 250% growth year-over-year in the Holding’s gross profit, from TRY 806 million to TRY 2.8 billion, and the EBITDA margin’s rise from 8.3% to 12.2%.

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