In 9 months of 2023, 29 BIST30 companies recorded a profit while 1 company recorded a loss. When the increases in profitability are adjusted for the domestic producer price index (D-PPI), only 16 of the 30 companies were able to increase their profits in real terms, while 14 companies lost profitability in real terms.
Borsa Istanbul left the third quarter balance sheet period behind in the shadow of rising geopolitical risks, political agenda, tight monetary policy and rising deposit rates.
According to the data released, 22 BIST 30 companies increased their profits compared to the same period of the previous year, while 8 companies recorded lower profits compared to the same period of the previous year. However, when the increases in profitability are adjusted for the domestic producer price index (D-PPI) published by TurkStat, only 16 of these 30 companies were able to increase their profits in real terms, while 14 companies lost profitability in real terms.
According to the published balance sheet data, Oyak Cement, Pegasus Airlines and Kontrolmatik were the three companies that increased their profits the most in real terms among BIST 30 companies in the first nine months. Oyak Cement posted an annualized 136.8 percent real profit increase in the first nine months, while Pegasus and Kontrolmatik posted 108.2 percent and 92.6 percent real profit increases, respectively.
Among these three companies, Oyak Cement and Kontrolmatik benefited from growth in domestic sales and income from investment activities, while Pegasus benefited from growth in sales revenues and stagnation in financing costs.
Regardless of the increase in real profitability, the three BIST 30 companies with the highest profits in the nine-month period were Koç Holding with a net profit of TRY 73.6 billion, Turkish Airlines with a net profit of TRY 69.5 billion and Garanti Bank with a net profit of TRY 57.2 billion.
In the first nine months of 2023, the automotive sector was one of the most profitable sectors. In this period, Tofaş Otomotiv and Ford Otosan, the automotive companies of the BIST 30, experienced real profitability increases of 66.9 percent and 64.8 percent, respectively. While Tofaş increased its domestic sales revenue by 2.5 times in TL terms compared to the same period of the previous year, Ford Otosan increased its foreign sales by 33.2 percent in dollar terms.
