KOÇ HOLDING’S 2007 NET PROFIT GREW BY 309% AND REACHED YTL 2.3 BILLION
According to the 2007 year-end results, Koç Holding’s overall revenues increased to 51.4 billion YTL. Moreover, net business income grew by 20%, approaching YTL 3.6 billion while net profit went up by 309%, climbing to YTL 2.3 billion.
CEO of Koç Holding, Bülent Bulgurlu, stated that 2007 was a difficult year for global markets as well as for Turkish markets. Nonetheless, as the Koç Group, they left another tough year behind and sustained their leadership, profitability, and growth in their industries of focus. Bulgurlu also said that, in the upcoming years, they would become stronger in the energy, automotive, durable consumer goods, and finance industries and continue growing both through organic means and by acquisitions. Moreover, he underlined that they would focus on making highly profitable investments and on creating shareholder value to find their niche next to other leading companies of the world.
During his speech, Bülent Bulgurlu said, “Today, as Koç Holding, we are very pleased and proud to represent Turkey on ranks of global organizations as well as our leadership position in Turkey. We are the first Turkish company to make it on the Fortune 500 list. According to our 2006 results, we are one of the 200 largest corporations of the world; furthermore, we are the 49th largest company in Europe. Last year, we appeared on the “100 New Global Challengers” list published by Boston Consulting Group, in addition to being listed as one of the “Top 100 Multinational Corporations with Utmost Core Competitiveness in China” by the China International Institute of Multinational Corporations (CIIMC). All of these achievements make the Koç Group, as well as Turkey, very proud. We endeavour to create maximum benefit for our society by supporting our financial achievements with corporate social responsibility activities. Our objective is to be an exemplary corporation to make the Turkish public proud of both our code of conduct and financial prowess in global markets.”
Bulgurlu strongly emphasized that, as Koç Holding, they believe in the long-term growth potential of Turkey. He added that 2008 could be a challenging year due to economic fluctuations and risks; however, they would continue to invest in their industries of focus and to be a pioneer in moving the Turkish production and services industries forward. Bulgurlu also stated that they put great importance on risk management in the Koç Group companies to overcome possible short-term risks. Moreover, they design their portfolios in such a way that possible fluctuations in interest rates and foreign currencies will have minimal effects. Bulgurlu added that upon completion of the Migros sale, they would have a better net cash flow and stronger in seizing new investment opportunities. In addition, Bulgurlu said that Koç Holding was the only Turkish corporation in the top 1,000 companies that allocated the most resources for research and development and that they would continue to invest in innovation and technology. He ended his address by noting their persistent aim to provide the Turkish public with the most recent and best quality products and services.