Aegean Region’s Top 100 Industrial Enterprises Announced

The results of the research on Ege’s top 100 industrial enterprises, conducted based on the criterion of “sales from production” for the year 2023, were announced at a meeting held at the IzQ Innovation Center by the Aegean Chamber of Industry (EBSO).

Ender Yorgancılar, Chairman of the Board of Directors of EBSO, stated that there were no changes in the top 10 compared to the previous year, and that Star Refinery, Tüpraş Izmir Refinery, and Petkim Petrochemicals, which were ranked in the top 3, were followed by İzmir Iron and Steel, Philip Morris Tobacco, Abalıoğlu Lezita Food, JTI Tobacco, Abalıoğlu Oil, Ravago Petrochemicals, and Kardemir Steel.

Yorgancılar noted that 82 out of 100 companies declared profits, and according to data adjusted for inflation, sales from production and profits decreased.

He stated:

“The production and export performance of the top 100 companies remained above the country average. High inflation, high costs, and the suppression of the exchange rate have also affected the data, resulting in a decrease in sales from production in real terms. With the effect of inflation correction, improvement was observed in financial fragility indicators, and the share of equity in assets increased. The most exporting sectors continue to be the largest importers as well. The high interest rates have had a negative impact on financing expenses. Financial conditions seem to further challenge the industrial sector in the upcoming period.”

“The future looks bright for Turkey” Yorgancılar expressed that an environment where credit interest rates are at 50-60% is not suitable for investment, and it should decrease to the levels of 10-15%. He mentioned that as inflation decreases, credit interest rates will also decline.

Stating that Treasury and Finance Minister Mehmet Şimşek is a figure trusted by foreign investors and they see the implemented economic policies as an opportunity, Yorgancılar said, “I reiterate that we fully support the economic policies he has announced. He is making efforts to reduce inflation. Of course, inflation does not decrease with just one touch; it decreases with a program, a system. We will overcome inflation; I have no doubt about that. As long as we are united, consultative, and continue to trust the program. The future looks bright for Turkey; I have never been pessimistic. There will always be obstacles ahead of us. You will get a little tired climbing that mountain, but you will get the reward when you descend. There will be ups and downs like this.”

Yorgancılar stated that the year-end growth expectations for the Turkish economy are around 3-3.5%, while he personally expects a level between 3.75% and 4%, mentioning that the trend of decreasing interest rates will continue, and the real relief in inflation will be seen from 2026 onwards.

He argued that there should be inflation correction but additional tax obligations should not be imposed on companies regarding this, stating, “It is not fair for industrialists to use loans at 50-55% interest to pay taxes on artificial profits arising from value increases in adjusted balance sheets.”

source: prepared by Melisa Beğiç

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