Giants Search for a Way Out / Capital / 1.6.2020

In 2019, Turkey returned from the brink of a contraction in the economy. As the risks increased, domestic demand shrank and unemployment climbed in 2019, leading Turkey’s giant groups to reduce their growth targets and to tie their hopes on 2020 for new attempts. Although 2020 started well beyond expectations, however, all the balances were turned upside down in March due to the COVID-19 outbreak. The giant companies that serve as the flagships of the private sector all revised their plans. While trying to understand the new period, they also changed their focus and goals, with profitability being the primary focus of all groups in 2019. Kerim Kemahlı, CFO of Nurol Holding, said that as their revenues in the defense and mining sectors increased, and as their income is based mainly on foreign currencies, they had managed to meet their revenues and EBITDA targets for 2019. “Despite the exchange rate losses we experienced due to currency fluctuations, we closed 2019 with a consolidated net profit of approximately 157 million Turkish liras. In the high-interest environment of 2019, our primary goal was to close the year with a net profit, and we succeeded in doing that.”