In the meantime…

OTOKAR INKS USD 54M EXPORT DEAL

Koc Holding’s bus and military vehicle manufacturer Otokar has signed an export agreement worth around USD 54m, according to a statement from the company made to the Public Disclosure Platform (KAP). As part of the contract, Otokar will deliver 4x4 Tactical Wheeled Armored Vehicles including their spare parts, maintenance, training services, and integrated logistics support services. The deliveries, which will start in the second half of the year, are planned to be completed by the end of this year.

AZERBAIJANI PASHA BANK RAISES ASSET SIZE

Azerbaijan-based Pasha Holding’s banking subsidiary Pasha Bank increased its asset size by 72.8% to TRY 6.15bn in 2022, compared to the previous year. The bank raised its cash loan volume by 50.2% to TRY 3.63bn and its total loan volume was up by 40.2% to TRY 4.42bn in the same period. Pasha Bank’s total equities also surged by 34.4% to TRY 816m in this period. The bank has provided financing of TRY 1bn to the Turkish automotive, agriculture, and chemical industries since 2020.

AYGAZ TO CLOSE UK BRANCH

Koc Holding ’s liquified petroleum gas (LPG) subsidiary Aygaz has decided to close its branch in the UK, Aygaz UK, according to a statement made by the company to KAP. Aygaz UK started its operations in London at the beginning of 2019. “We have decided to close Aygaz UK as its operations don’t comply with our company profile due to our operational efficiency targets and increasing volatility in the global commodity markets,” the statement read.

TAV HITS TRY 1.9BN NET PROFIT

Airport operator TAV Airports Holding (TAV) increased its net profit from TRY 467.7m to TRY 1.9bn in 2022, compared to 2021, according to a statement made by the holding company to KAP. TAV Airports Holding also raised its revenues from TRY 5.46bn to TRY 18.31bn in the same period. The holding company estimates an investment expenditure of EUR 220-260m and an EBITDA (earnings before interest, taxes, depreciation, and amortization) of EUR 330-380m for 2023. TAV Airports Holding ’s total passenger forecast hovers between 81 million to 91 million for this year.

THY CARRIES 6.1 MILLION PASSENGERS IN JANUARY

The national flag carrier Turkish Airlines (THY) carried 6.1 million passengers in January, a rise of 56% from the same month last year, according to a statement made by THY to KAP. The number of passengers was up from 3.9 million in January 2022. The seat occupancy hit 80.7% in January 2023. The volume of cargo and mail it carried fell from 120,300 tons to 118,900 tons in January, year-over-year. By the end of this January, the number of aircraft in the fleet was 393.