CHINESE HAIER INVESTS EUR 40M IN ESKISEHIR

Chinese home appliances and consumer electronics company Haier has made a factory investment of EUR 40m in Eskisehir. The company plans to employ 960 people and produce one million tumble dryers per year. The factory, whose foundation was laid in Eskisehir Organized Industrial Zone (EOIZ) in 2019, started production in the previous weeks. The area allocated for the facility totals 42,597 square meters in the EOIZ. The annual maximum capacity will be raised from one million tumble dryers to 1.5 million units in the upcoming years. The company chose Eskisehir for its investment in order to extend its washer products platform by using its existing dryer facility capacities and to improve the skills of employers in Turkey. Through this investment, Haier aims to increase developed product range flexibility and product performance as well as to develop more products toward the existing key innovation agents.

POS A.S. GOES ABROAD WITH “GENIUSOPEN”

P•S A.S., the tech solutions company providing services to the retail sector, has expanded abroad with Genius•pen, a new generation sales system software. Gulumhan Akalin, the Deputy General Manager of P•S A.S., announced that Genius•pen started offering services abroad through Toshiba Commerce Solutions’ operating system TCxSky in the first months of 2020. •ne of the projects in a supermarket chain in Saudi Arabia is expected to finalize in February 2021. Akalin stated that they have also started projects in Morocco and Egypt. “The projects will expand to other countries in Northern Africa,” she said.

AKBANK PROVIDES

TRY 331BN IN CREDIT SUPPORT

Akbank increased the credit support it provided in 2020 to TRY 331bn, TRY 279bn of it in cash, according to Hakan Binbasgil, the bank’s General Manager. Akbank’s total deposits reached TRY 293bn, a 19.5% increase while its total assets increased by 23.5% to TRY 478bn in 2020. This year, the bank earned a net consolidated profit of TRY 6.2bn after receiving TRY 2.2bn in tax provisions. “We are among the strongest in our industry in terms of capital structure. We continue to contribute to the development of the real sector through the credits we are able to provide thanks to the strength of that structure,” said Binbasgil.

BAYMAK’S REVENUES RISE BY 30%

50-year old heating and air conditioning company Baymak grew by 30% in 2020 after surpassing its target revenue of TRY 1 bn by TRY 90 million, despite the negative effects of C•VID-19, according to Ender Colak, CE• of Baymak. Colak said that the company has ambitious targets for 2021 including investments on renewal of boiler and water heater production lines and completing the digitalization transformation in the boiler line. Baymak will also shift the majority of production at its parent company, BDR Therma Group, to Turkey, he added. The company ’s 2021 growth target is 30%.

ARMTEK REACHES 14 FOREIGN MARKETS IN 2 YEARS

Armtek, the electronics company established in 2018 with an investment of EUR 10m with the aim of reducing Turkey’s foreign dependency in the electromechanical sector, has increased the number of countries to which it exports to 14 in two years. Armtek, a subsidiary of Kologlu Holding, produces medium voltage switching equipment and concrete transformer substations. The company reached a localization rate of 80% and provided uninterrupted services to 16 power distribution companies and their shareholders during the pandemic, according to Cemal Sadiki, General Manager of Armtek. Armtek has recently opened

to the South American market and expects to increase the share of exports in its revenues from 20% to 50%.

IAS AIMS TO GROW BY 100%

IAS, the distributor of technology developed by Turkish engineers, has consolidated its services in Big Data, cloud, enterprise resource planning software, IoT and artificial intelligence under the name “canias4.0”. In 2020, the company increased its business volume and sales by 35% and its team by 50% in all countries where it operates. IAS expects 100% growth in 2021, according to Yasar Hakan Karabiber, IAS Chairman. Currently, the company provides services in 16 languages with more than 50 business partners in 31 countries, 30,000 users and more than a thousand clients worldwide.

YAPI KREDI PROVIDES TRY 382.7BN IN RESOURCES

Yapi Kredi, provided TRY 382.7bn in resources to the Turkish economy in 2020, an increase of 23% in its total cash credit volumes compared to the end of 2019, according to Gokhan Erun, its CE•. The bank’s total cash credit volume reached TRY 281.8bn while its lira cash credit volume reached TRY 166.9bn, an increase of 26%. Closing out 2020 with TRY 486.5bn in total assets, Yapi Kredi’s total customer deposit volume increased by 15% compared to the same period of last year, reaching TRY 259.3bn. Yapi Kredi’s net consolidated profits were TRY 5.08m, increasing by 41% compared to 2019, while its return on equity was 12%. The bank’s capital adequacy ratio stood at 16.7%, excluding the positive effects of legal regulations.

IS INVESTMENT’S CONSOLIDATED PROFITS INCREASE BY 146%

Is Investment’s solo net profits have increased by 140% to TRY 911m while its consolidated net profits have reached TRY 942m with an increase of 146%, according to the company’s 2020 financial statement. The investment bank announced in a statement that it achieved a 67.5% return on consolidated equity while its consolidated equity capital has reached TRY 1.9m.

TOFAS REACHES TRY 1.8BN IN NET PROFITS

Turkish automaker Tofas’s announced revenues of TRY 23.5bn and net profits of TRY 1.7bn. Last year, the company produced 250,630 units and exported 118,000 units, according to Cengiz Eroldu, CE• of Tofas. Tofas preserved its domestic production share of 93% in domestic sales. “We continued our business by ensuring the health of our employees, shareholders and customers. We did not pause investments in new products,” said Eroldu.

VODAFONE TURKEY’S SERVICE REVENUE EXCEEDS TRY 3.6BN

Vodafone Turkey has announced the results for the third quarter of the 2020-21 fiscal year. The company’s service revenue increased by 17.7% compared to the same period last year, exceeding TRY 3.6bn. The company reached 23.4 million mobile subscribers with total subscribers, including M2M (machine to machine), totalling 25.7 million. The number of postpaid line subscribers reached 15.2 million, an increase of 1.1 million, and accounts for 65% of Vodafone’s total subscriber base. Meanwhile, Vodafone Turkey’s fixed broadband subscribers exceeded 1.2 million with a net increase of 209,000 in the last 12 months. The number of active monthly customers using Vodafone’s digital channels, including the self-service application “Vodafone Yanimda” and Vodafone TV, has exceeded 16.3 million. The total data usage of Vodafone Turkey subscribers surpassed 621 petabytes, a growth of 51.3% compared to the same period last year. The company currently provides services with over 23,200 4.5G service points in 81 provinces.