Much extolled as the major driving force behind stable growth in the Turkish economy, the country's private sector -- financial and non-financial alike -- left a profitable nine-month period behind while their European rivals cling to several austerity measures to stay afloat amidst a sovereign debt crisis sweeping the continent .
Two of Turkey's largest conglomerates, Koç Holding and Sabancı Holding, topped the list of fast-growing businesses in first nine months of 2012, with a recovery in such major sub-sectors as banking, retail and energy.
Turkey's largest company, Koç Holding, announced on Friday it posted a net profit of TL 681 million ($378 million) in the third quarter on sales of TL 20.4 billion. In the same period a year ago, Koç had a net income of TL 498.4 million on revenues of TL 19.1 million, according to its balance sheet filed with the İstanbul Stock Exchange (İMKB). Looking at the first nine months, Koç saw its net profits reach TL 1.7 billion, while sales revenues in the same quarters equaled TL 57.7 billion.
Turkey's second largest conglomerate, Sabancı Holding, enjoyed a 10 percent rise in its third quarter net profit to TL 479.2 million ($265 million), the company announced on Thursday. The group's sales increased 7 percent to TL 2.92 billion, it said in a statement to the İstanbul Stock Exchange (İMKB). The holding has earlier said it expected 2012 revenues to grow more than 15 percent over a year ago. They earlier said the group was targeting a rise of more than 10 percent in sales this year.
Turkish lenders also benefited from private sector recovery in the given period, with the majority of banks posting high profits. Turkish lender Yapı Kredi, partly owned by Italy's biggest bank UniCredit, said its third quarter net profit rose by a third on higher net interest income. According to quarterly results, third-quarter net profit rose 33.3 percent to TL 541.5 million ($300.65 million), exceeding a Reuters forecast of TL 447 million. Yapi Kredi posted a net profit of TL 406.1 million in the same period of 2011. Net interest income, a measure of the income generated by a bank's core lending activities, rose 39 percent to TL 1.2 billion, versus TL 864.5 million a year ago. The bank's loans also increased by 7.2 percent from end-2011 to TL 72.7 billion ($40.4 billion). Denizbank on Tuesday posted a third-quarter net profit of TL 30.7 million ($17 million). The bank, owned by Russia's Sberbank, said that its lending had increased to TL 26.21 billion from TL 22.42 billion at the end of 2011. Third-quarter net interest income of TL 495 million was up 21 percent on the same period last year.
Among the sectors that receive the highest demand in Turkey, retail and mobile services stood out. Turkish discount retailer BİM said on Monday its third quarter net profit rose 10.8 percent to TL 86.4 million ($48.24 million), slightly below a Reuters poll forecast of TL 89 million. BİM's net profit was at TL 78 million in the same period of last year, according to an income statement with the İstanbul Stock Exchange (İMKB). Sales rose 17.7 percent to 2.54 billion, it said.
Turkey's largest GSM operator Turkcell expects to see TL 10.3 billion ($5.7 billion) in revenues and TL 3.1 billion in earnings before interest, taxes, depreciation and amortization, company CEO Süreyya Ciliv said on Thursday. The third quarter of the year saw Turkcell, enjoy its highest-ever net revenue in a three-month period in its history, with the figure hitting TL 2.8 billion ($1.55 billion) between July and September. Turkcell currently operates in nine countries. The increase in subscribers in the first nine months amounted to 620,000 new customers. The company is owned by TeliaSonera AB (TLSN), Moscow-based Altimo and Turkey's Çukurova Holding AŞ.