Arçelik managed to counteract the weakness of exports thanks to a boom in sales on the domestic market. The result was a stable turnover of 257 billion Turkish liras (7.3 billion euros).
The strength of internal demand (also stimulated by inflation which suggested consumers to ‘invest’ in household appliances and probably also the decline in the Turkish lira, which fell from 5 to 3 euro cents during the year, made it possible to increase margins. The result is a 20% increase in net profits from 7 to 8.4 billion Turkish lira (240 million euros at the current exchange rate).
Commenting on the results obtained in Europe, Hakan Bulgurlu , CEO of what today with the acquisition of Whirlpool EMEA is the world’s second largest appliance manufacturer by volume, claims to have strengthened its presence in European built-in appliances