In the first nine months of 2024, Doğan Holding’s consolidated revenues grew by 24% in real terms, reaching TRY 62.1 billion, with core operating profit at TRY 3.8 billion

Doğan Holding has announced its financial results for the first nine months of 2024. According to the consolidated financial statements reported to the Public Disclosure Platform (KAP), Doğan Holding achieved consolidated revenues of TRY 62.1 billion in the first nine months of 2024, reflecting a 24% real increase year-over-year. During this nine-month period, the Holding recorded a core operating profit of TRY 3.8 billion and achieved a net profit of TRY 2.9 billion.

‘We concluded a challenging nine months with growth and profit thanks to a well-formulated strategy’

Commenting on the nine-month financial results, Doğan Holding CFO Bora Yalınay stated that they focused on minimizing pressures on core operating profit in the first nine months. “By combining our strategy, which centers on creating sustainable value, with our high level of implementation capability, we achieved a strong performance in this challenging nine-month period,” he said. “Our diversified portfolio structure, capable of adapting to changing economic conditions, made a significant contribution to our results during this period.”

Reflecting on developments in the group companies and future objectives, Yalınay continued: “With the strong growth achieved by our digital insurance company, Hepiyi Sigorta, which has rapidly made a name for itself in its sector, our revenues in the finance and investment segment increased by 94% compared to last year. This has allowed us to gain solid growth momentum in the insurance sector, which is a strategic objective for the Holding.  The fund size managed by Hepiyi Sigorta continues to grow, and in a short time, it has become one of the key players in the industry. Additionally, our MG brand, which plays an important role in our growth, achieved a 25% annual revenue increase in the automotive, trade, and marketing segment, bolstered by its expanding market share. In this segment, we continue our existing investments and explore new opportunities in both automotive and motorcycle manufacturing. Our motorcycle investment in Izmir has been completed, and pilot production has commenced. We are enhancing our strength in the industry and commerce segment with our group companies, particularly Karel and Daiichi—a Karel subsidiary that holds a unique position in the region with its robust international presence. Through our industrial companies, we are bolstering our presence in consumer electronics, defense, telecommunications, and automotive electronics. We have reached the final stage in Karel’s modernization and capacity expansion investment. This investment, which will provide a 30% capacity increase and facilitate the production of high-value-added products, is set to significantly enhance Karel’s financial performance in the final quarter. Our strategic company in the renewable energy sector, Galata Wind, recorded a 10% increase in power generation in the first nine months of 2024 with its expanded capacity. Our target remains to reach a capacity of 576 MW by 2025 and 1,086 MW in 2026 and beyond with Galata Wind. With a well-structured and diversified portfolio, we will continue working toward profitable growth and financial resilience, all while focusing on creating sustainable value. ”

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