Doğan Holding's consolidated revenues for 1Q24 enjoy a 47% increase in real terms, reaching TRY 17.6 billion

According to the consolidated financial statements Doğan Holding submitted to the Public Disclosure Platform (KAP), the Holding recorded TRY 17.6 billion in consolidated revenues in the first three months of 2024. The Holding’s gross profit for 1Q24 climbed 85% year-on-year to TRY 2.5 billion, while its operating profit reached TRY 1.6 billion, up by 376% year-on-year. Doğan Holding posted a net profit of TRY 950 million in 1Q24, compared to a net loss of TRY 1.1 billion in 1Q23.

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.

‘We kicked off 2024 on a strong note, taking strategic steps that align with our vision’

Çağlar Göğüş, CEO of Doğan Holding, attributed the 111% growth in operating profit, which reached TRY 1.6 billion, to the operational success of the Group companies. Göğüş also added:

“At Doğan Holding, our sound strategy, diverse portfolio, and well-timed strategic actions have positively influenced our financial performance.  Thanks to the successful execution of our sustainable value creation strategy, we closed the first quarter of 2024 with robust financial results. Our balanced and diversified portfolio enables us to adapt swiftly to changing economic conditions. This adaptability was evident in our strong first-quarter results for 2024. Hepiyi Sigorta's rapid industry disruption contributed to a 7% year-on-year increase in our finance and investment segment revenue. The fund managed by Hepiyi Sigorta, our digital insurance company, has continued to grow, positioning Hepiyi Sigorta as a key player in the sector in record time. In the automotive trade and marketing segment, we achieved a staggering 181% increase in revenue on an annual basis, thanks to the increasing market share of our MG brand. We remain committed to exploring and investing in automotive and motorcycle production within this segment. Once our ongoing investment in Izmir is completed in September, we aim to roll out our first motorcycle from the production line.  Notably, our industry and trade segment witnessed a 4% YoY revenue increase, buoyed by the high performance 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 continued modernization and capacity expansion project at Karel is nearing completion. This investment, which will enable a 30% increase in capacity and facilitate the production of high-value-added products, is expected to bolster Karel's financial performance. Galata Wind, another strategic asset in our portfolio, achieved an 8% production increase in in 1Q24, supported by its growing capacity. We remain on track to reach a capacity of 550MW by 2025 and 1,000MW in 2028.”

"We are dedicated to creating sustainable value by leveraging our current cash position for the best possible investments and acquisitions”

Mr. Göğüş emphasized that Doğan Holding’s key strategic approach was to leverage its current cash position for optimal investments, thereby creating sustainable value and added:

"We have transformed our portfolio structure and will continue to do so in line with our responsible investment approach that fosters value creation. In the first quarter of 2024, we maintained our commitment to delivering sustainable value for all stakeholders through our vision of being a responsible investment holding. Renewable energy, industrial manufacturing, electronics, automotive, digital insurance, and investment banking are critical pillars of our Group. We are focused on amplifying our success in these areas through both organic growth and strategic acquisitions. 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. Through the right partnerships, we continue investing in value-driven, future-ready businesses that align with global trends. Looking ahead, we intend to uphold this vision and create ongoing sustainable value through our strategic initiatives.”

http://www.doganholding.com.tr

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