Ülker Biscuit Revises Financial Expectations for 2024

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Ülker Biscuit Revises Financial Expectations for 2024

Ülker Bisküvi has updated its financial expectations for 2024 due to changes in economic conditions and consumer behavior. The company announced that it has reduced its revenue target from 85 billion TL to 80 billion TL and its EBITDA margin expectation from 18.5% to 18.2%.

These revisions were made in line with the preferences of consumers whose purchasing power has decreased and market dynamics. Ülker Bisküvi stated that all necessary steps will be taken to achieve year-end targets thanks to its strong operational capabilities and sustainable growth strategies. The company emphasized its significant contributions to international operations. The Middle East region (FMC - IBC - UIMENA) accounted for 12.6% of total EBITDA contributions, while North Africa and Central Asia recorded current EBITDA contribution rates of 2.7% and 2.5%, respectively.

These figures are important in demonstrating Ülker's success and potential in different regions. The growth experienced in the Middle Eastern market specifically points to the company's global strategies and regional opportunities.

Looking at the consolidated financial results for the third quarter of 2024, total revenue increased by 2%, reaching 18,196 million TL from 17,809 million TL. In the same period, gross profit decreased by 9%, falling from 5,401 million TL to 4,931 million TL. EBITDA dropped by 21% to 2,902 million TL, and net profit fell to 470 million TL from 3,052 million TL in the same period last year.

The company reported that it will continue to improve its performance under the influence of various economic factors such as inflation accounting and will keep its stakeholders informed transparently.

Current status of ULKER stock: After starting the week with a decline, ULKER slightly recovered to around 125 TL in the middle of the week but began the last trading day with a decrease of 7.13%.

The stock, which saw a slight rise during intraday trading, reduced its daily loss to 6% as it approached the closing, trading at 117.4 TL with a weekly decline of 3.85%. ULKER has continued its downward trend since July, pulling back its annual gains from 128% to 42%.