Ülker grows in the third quarter of 2018 thanks to more exports and greater overseas activity
Ülker Biscuit’s third quarter net profit was worth TL 221.9 million for 2018. The company has grown by boosting its snack business’s turnover from export and overseas activities by 77.8%. Of that, its overseas activities alone have reached 38.6%.
Ülker Biscuit – Turkey’s largest food company in Borsa Istanbul – recently sent a statement to the Public Disclosure Platform (KAP). In it, they’d announced that they had boosted their snack business turnover by 37.4% during the third quarter of this year (this same figure in 2017 was worth TL 1.458 million).
Ülker Biscuit’s EBITDA in the third quarter of this year was worth TL 235.4 million – a 38.2% increase compared to the previous year. (Its EBITDA in the second and third quarter were 15.1% and 16.1%, respectively). As for Ülker’s net profit: TL 221.9 million.
Ülker’s CEO Mehmet Tütüncü stated that Ülker Biscuit has grown not only operationally but also financially as well. He noted that exports from Turkey and the activities of foreign subsidiaries accounted for a substantial share of that growth. In his own words:
“Our total snack turnover has grown 37.4% in the third quarter this year compared to last year. Our Turkish operations grew by 20.3%, and our export and foreign operations grew by 77.8%. Here at Ülker Biscuit, we’re continuing to support the collective struggle against inflation. Likewise, our total operational profit EBITDA bloomed by 38.2% compared to the same period of the last year. Our domestic operations EBITDA expanded by 8.8%, while our overseas operations EBITDA rose by 89.2%. We owe everything to our ever-growing commercial activities, our synergy, and the positive outcome that foreign exchange brings with it.”
In terms of our total turnover, our overseas activities broke a record this year at 38.6%. At the start of the year, we exceeded our 15% EBITDA target. That then rose to 16.1% by third quarter. Our target has always been to become a leading company in Middle East. Since merging with Yıldız Holding in 2016, we’ve invested in biscuit and chocolate plants in Saudi Arabia and Egypt. We also built a factory in Kazakhstan in 2017. In 2018, we’d accomplished two things: we purchased the distribution-production rights to McVitie’s in Saudi Arabia, Middle East, and North Africa, AND we bought the IBC biscuit factory in Saudi Arabia from United Biscuits. All of this has allowed us to grow leaps and bounds. We’re well aware that the only way to keep the flame going is to invest in even more, both at home and abroad. That includes creating cost advantage and product synergy.”
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