Arçelik has published excellent data relating to the third quarter of 2023. The Turkish financial site Borsatek reports a net profit of 1 billion Turkish liras (34 million euros): +198% compared to the third quarter of 2022 (an annual inflation of 65% must be considered ). Ebitda grew by 120% to 6.4 billion Turkish liras.
Consolidated revenues increased 70% year-on-year in line with forecasts, to TL 58.2 billion (nearly 2 billion euros).
Despite persistently weak demand conditions in international markets due to the difficult macro and political environment, revenue growth was supported by price increases and strong sales growth in Turkey.
Analysts welcome with satisfaction the results of the group which mainly operates under the Beko brand,
İş Investment has increased the target price for 12 months from 202 TL to 230 TL (currently it is 152 TL) as the company’s third quarter data have met expectations with strong operating profitability and strong net profit growth.
The company revised its revenue growth expectations in 2023 from 60% to 75% for its Turkish operations while remaining pessimistic for its international operations which it expects to contract in foreign currency terms by 4% during 2023.