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Revenue Growth: 6% combined top line growth in 2024.
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EBITDA: Down 44% year-on-year.
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Net Income: Non-bank net income turned from TRY711 million losses to TRY1.3 billion.
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Leverage Ratio: Ended the year with a leverage ratio of 1.4 times.
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Cash Position: Strong cash position just under $350 million.
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CapEx to Sales Ratio: Reached 13.5%.
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Dividend Proposal: TRY3 per share, subject to approval.
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Energy Generation Capacity: 3.9 gigawatts, with 47% renewable.
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Akbank Capital Adequacy Ratio: 17.8% total, 15.1% Tier 1.
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Enerjisa EBITDA: TRY11 billion or $311 million, including synthetic hedge.
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Material Technology Revenue Decline: 12% year-on-year.
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Digital Segment Revenue: Dropped by 5% year-on-year in the last quarter.
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Retail Segment Growth: 3% year-on-year top line growth.
Release Date: March 03, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Haci Omer Sabanci Holding AS (IST:SAHOL) completed a significant acquisition of Irish Mannok for EUR253 million, marking its third major global expansion in three years.
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The company doubled its calcium aluminate cement capacity at Cimsa's Mersin plant, becoming the third largest producer globally.
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Enerjisa Uretim secured a loan agreement of over $1 billion for the financing of 750 megawatts of the 1,000 megawatt under YEKA-2 project.
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The commissioning of the Cutlass-II project, a 272 megawatts solar power plant in the US, was completed ahead of schedule and started generating positive net income.
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Haci Omer Sabanci Holding AS (IST:SAHOL) proposed a dividend of TRY3 per share, marking the twenty-third consecutive year of dividend payments.
Negative Points
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2024 was a challenging year due to high inflation and macroprudential measures, impacting sectors including banking.
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The company reported a net loss from net income between 2023 and 2024, with a 44% decline in EBITDA.
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The banking sector, particularly Akbank, was adversely affected by the disinflation program and macroprudential restrictions.
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Material Technology segment faced revenue contraction due to competitive pricing and export market challenges.
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The company's cybersecurity business, Radiflow, faced impairments due to geopolitical issues, impacting financial results.
Q & A Highlights
Q: What is your forecast for spot electricity prices in 2025, and how sensitive is the generation EBITDA to changes in these prices? A: N. Orhun Kostem, Head of Finance, explained that in a normal year, Turkish electricity prices should range between $70 to $80. Prices peaked over $100 in 2022 and dropped below $60 at their lowest. For 2025, the long-term trend is expected to continue. The absence of tariff hikes in Q1 and potential skips in Q2 could affect market balance. Factors like hydrology, wind regime, and electricity demand also impact EBITDA performance.