Koc Holding Reports Consolidated Revenue of $54.5 Billion in 2023

Koc Holding generated a total revenue of $54.5 billion (USD) on a consolidated basis in 2023.

According to the statement made by the holding, Koc Holding generated a total income of $54.5 billion (USD) on a consolidated basis in 2023, while making a combined investment of $3.7 billion. The company’s combined investments in the last 5 years reached $11.2 billion.

Koc Holding Chief Executive Officer (CEO) Levent Cakiroglu, whose views were included in the statement, evaluated the financial results of 2023 and said, “We have left behind a year of uncertainty, in which we experienced global recession concerns, wars continued in our region, we were shaken by a major disaster in our country. In this challenging year, we have seen the benefits of managing our balance sheets, cash flow and liquidity with discipline. We have maintained our successful financial performance thanks to our prudent management, sound business strategies and the devoted efforts of our colleagues.”

Cakiroglu emphasized that they continue their investments with determination in line with the trust in the country and the global vision that carries the Koc Group into the future, and noted that they will continue to work to create value for all stakeholders.

Cakiroglu stated that they were proud and excited to have celebrated the 100th anniversary of the Republic of Turkiye, the most valuable legacy of the Great Leader Mustafa Kemal Ataturk, last year. “As a Republican institution that leads the economic realization of the Republic’s vision, we always bear the responsibility of achieving better. Fortunately, our Group, which will be 100 years old in two years, glorifies our Republic not only with its activities in our country but also with its achievements all over the world.”

“We are taking strategic steps in Turkiye and abroad”

Cakiroglu noted that Koc Holding is resilient in the face of risks thanks to its balanced portfolio structure and healthy balance sheet, and that they have taken strategic steps at home and abroad as a group with a vision of growth at a global level.

Cakiroglu emphasized that Ford Otosan, as Europe’s leading electric commercial vehicle manufacturer, continues its new vehicle investments and that Turkiye has been the goods export champion for eight consecutive years. “Ford Otosan commissioned the new Transit Custom at the Yenikoy Factory within the scope of its investment plan worth a total of €2 billion. Additionally, the new generation Ford Transit Courier and Tourneo Courier were rolled off the line at the Craiova Factory in Romania.”

Cakiroglu stated that they launched the Carbon Conversion Program 3 years ago to more systematically manage their transition to a low-carbon economy on the way to their carbon neutrality target in 2050, and that they are rapidly continuing their renewable energy investments in this context.

Noting that they attach importance to investments in the field of green hydrogen because it is a tool for storing and transporting renewable energy, Cakiroglu said, “Last year, we announced that Ford Trucks would develop F-MAX, which will run on hydrogen, within the scope of the Horizon Europe project. Otokar produced the prototype of KENT Hydrogen, its first bus with a hydrogen fuel cell. Tupras, which uses hydrogen in its refinery processes, is Turkiye’s largest hydrogen producer.”

Source: AA / Prepared by Irem Yildiz

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