Istanbul listed Sabanci Holding reports 2020 profit of 5bn lira

Istanbul listed Sabanci Holding reports 2020 profit of 5bn lira
By bne IntelIiNews February 25, 2021

Istanbul-listed Sabanci Holding (SAHOL), the second largest conglomerate in Turkey behind Koc Holding (KCHOL), produced a 2020 profit of Turkish lira (TRY) 4.77bn, almost exactly a billion lira up from the TRY3.78bn it posted in 2019, the company said on February 24 in a stock exchange filing.

(See the chart below for the financial releases of Sabanci’s listed units).

In terms of its loss-making technology retailing unit Teknosa, Sabanci has benefited from recent interest shown in the Borsa Istanbul by individual investors.

In December, Sabanci held a secondary public offering (SPO) to sell a 10.28% stake in Teknosa.

On February 23, Teknosa announced that it would hike its paid-in capital to TRY201mn from TRY110mn through rights issues.

As a result, Teknosa’s paid-in capital will turn positive.

Also in December, Sabanci sold on Borsa Istanbul approximately a 2% stake in its loss-making retailer Carrefoursa. The move increased the free-float of the company to above 5% in line with a new regulation.

On February 24, Sabanci’s Akbank said it would distribute a TRY0.1204 gross dividend per share.

On April 9, Enerjisa Enerji (ENJSA), a 50:50 JV between Turkey’s second largest industrial group Sabanci Holding and Germany’s E.ON, said it would distribute 7% gross dividend per share.

On March 30, tyre-maker Brisa (BRISA), a 43.63:43.63 JV between Sabanci Holding, and Japan’s Bridgestone Corporation, will distribute a TRY0.69 per share net dividend.

Avivasa, Aksigorta and Akcansa have also announced dividend payment plans.

As of March 1, Sabanci Holding (SAHOL) along with its grid operating unit Enerjisa (ENJSA), textile unit Kordsa (KORDS) and insurance unit Aksigorta (AKGRT), will be added to Borsa Istanbul’s BIST Dividend 25 (XTM25) index.

On February 25, Sabanci’s cord fabric production unit Kordsa declared a force majeure on its nylon 66 production after its two US-based suppliers for ADN, the main ingredient of nylon 66, declared force majeures for indefinite time periods due to harsh winter conditions.

 

Listed Sabanci companies Market Revenues Net Profit  
TRYmn Value 2020 y/y 2020 y/y Price/Book
SAHOL Sabanci Holding 22,995 21,529 15% 4,768 26% 0.55
AKBNK Akbank 32,760 23,396 15% 6,267 16% 0.52
AVISA AvivaSA 3,398 255 93% 291 39% 5.00
AKGRT Aksigorta 3,039 695 19% 432 18% 2.71
ENJSA Enerjisa Enerji 15,626 21,757 12% 1,088 5% 2.18
KORDS Kordsa 5,564 4,536 -12% 153 -55% 2.16
BRISA Brisa 9,288 4,237 16% 540 374% 6.46
AKCNS Akcansa 3,808 1,967 8% 115 53% 3.19
CIMSA Cimsa 3,072 2,076 32% 176 1234% 0.82
TKNSA Teknosa 2,211 5,607 36% 85 - -

 

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