Financial Results from THY and ISCTR, Revision from CCOLA, and Foreign Investment from IHLAS: Latest Updates from BIST Companies
You can find our updated summary of company news based on the announcements made by companies listed on Borsa Istanbul in the continuation of our content.
THY and İş Bankası Announced 9-Month Financial Results Turkish Airlines (THYAO) and Türkiye İş Bankası (ISCTR) have announced their financial results for the nine-month period of 2024. THY reported a consolidated net profit of 88,831,000,000 TL in 2024, compared to a profit of 69,503,000,000 TL in the same period of the previous year. This indicates a strong increase in the airline's financial performance. On the other hand, Türkiye İş Bankası's (IS:ISATR) net profit for the nine months of 2024 was 34,846,429,000 TL, reflecting a decline compared to the net profit of 51,855,043,000 TL during the same period in 2023.
Coca-Cola İçecek Revises Sales Expectations Coca-Cola İçecek (CCOLA) has updated its sales volume expectations for 2024. The company revised its previously stated sales volume expectation from "flat-low-single-digit growth" to "low-middle-single-digit volume contraction." The net sales revenue growth expectation, adjusted for currency effects, has also changed from "low 30s percentage growth" to "high 10s - low 20s percentage growth." Due to effective management of operating expenses and cost control, the company's expected pre-tax profit margin will be maintained at a level of "slight decline or flat" compared to the previous year.
Precautionary Measures for DURDO Shares As part of the Capital Markets Board's Volatility-Based Precautionary Measures System (VBTS), it has been announced that DURDO shares will be traded using a single price method from November 5, 2024, until December 4, 2024. During this period, restrictions on margin trading, gross settlement, and order package measures will also continue.
Enerjisa Increased Its Revenues in the Nine-Month Period Enerjisa reported its financial performance for the first nine months of 2024. The company's operating revenues reached 29.9 billion TL, marking growth above inflation. Strong performance in distribution activities neutralized the low costs in retail operations. Additionally, growth in customer solutions led to an increase in solar energy PV capacity to 71.8 MWp. Enerjisa Enerji (ENJSA) maintained its leadership in energy transformation with infrastructure investments reaching 9.1 billion TL in the first nine months of the year.
Decision Made in Gübre Fabrikaları’ Case in Iran A decision has been made in the lawsuit against Gübre Fabrikaları (GUBRF) regarding the alleged excessive gas consumption by its subsidiary, Razi Petrochemical Co. The Ahvaz 2nd Criminal Court announced that Razi was acquitted of the charges of obtaining illicit gains. A payment of 59,379,352 dollars, determined as the amount of excessive consumption, was ordered. The appeal period for the decision has been set at 20 days from the date it is notified to the parties.
Collaboration Between Tofaş and Stellantis Tofaş (TOASO) signed a contract with Stellantis Europe S.P.A to produce light commercial vehicles and "Combi" versions under the Stellantis brands in Turkey. The target is to produce 1 million vehicles between 2024 and 2032. Production will be carried out in Turkey under Stellantis license, with the sales conditions for the produced vehicles and spare parts established. This agreement significantly contributes to Tofaş's goal of increasing its production capacity and diversity.
İhlas Holding Made an Energy Investment in Kyrgyzstan İhlas Holding (IHLAS) acquired a 30% stake in Central Asia Investment Holding Inc in Kyrgyzstan at nominal value. This strategic move is seen as a significant milestone in strengthening the company's presence in the energy sector. This initiative, announced by Chairman Ahmet Mücahid Ören, aligns with the company's growth plans in international markets.
Three Digital Banks Granted Operating License by BDDK The Banking Regulation and Supervision Agency (BDDK) has granted operating licenses to FUPS Bank A.Ş., Ziraat Dinamik Banka A.Ş., and Colendi Bank A.Ş. under the principles of operation for digital banks. This development highlights the rapid ongoing digital transformation in the banking sector, aiming to provide innovative banking services and adapt to emerging technologies.