Sabanci Holding to invest TRY6bn in 2019

Sabanci Holding to invest TRY6bn in 2019
28 February 2019

Sabanci Holding, one of Turkey's largest conglomerates, has said it is planning a total of TRY6bn (US$1.13bn) of investments this year.

"This figure excludes any acquisitions or mergers that may emerge within the year based on strategic developments," Sabanci said in a filing with Borsa Istanbul.

"Rebalancing in the Turkish economy has begun. We are expecting long-term reforms after the [March 31 local] elections. We have taken our precautions. We will continue to produce and invest," said Mehmet Göçmen, Sabanci's CEO.

In 4Q18 the company had net cement sales of 0.794Mt down from 0.864Mt in 4Q17, a fall of eight per cent. However, during 2018 the company had net sales of 3.419Mt, up 14 per cent on 4Q17 when it achieved sales of 3.01Mt.

In 4Q18 domestic cement volumes fell by 45 per cent YoY, but exports rose by 41 per cent YoY, bringing the total sales volume contraction to 31 per cent in the quarter.

Sabanci Cement's EBITDA rose to TRY724m  in 2018 from TRY680m in 2017. Sabanci operates in industry, banking, insurance, retail, insurance, energy and cement sectors.

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Tagged Under: Turkey Sabanci investment