TEKNOSA TO INVEST TRY 80M

Sabanci Holding ’s subsidiary Teknosa plans to invest TRY 80m in 2021, according to Baris Oran, Chairman of the Board at Teknosa. The company, which nearly quadrupled its e-commerce turnover to over TRY 1bn compared to 2019 also invested in TRY 38m in technology and digitalization in 2020. Teknosa’s overall turnover increased by 36% to TRY 5.6bn in 2020 and the company made a net profit of TRY 85.3 million in 2020 after siffering TRY 148.6m in losses in 2019. Moreover, to strengthen its capital structure following the initial public offering (IPO) at Borsa Istanbul, the company plans to raise its capital from TRY 110m to TRY 201m with the resource to be received from IPO.