Q2 2024 Haci Omer Sabanci Holding AS Earnings Call Transcript
Key Points
- Haci Omer Sabanci Holding AS (IST:SAHOL) has successfully executed its strategic initiatives, including the acquisition of Bulutistan, enhancing its portfolio with a market-leading business in cloud technologies.
- The company has made significant progress in sustainability, reducing emissions by 20% and water consumption by 24% compared to 2021, and utilizing 100% renewable energy at Sabanci Holding.
- Enerjisa Ãretim increased its wind farm capacity by more than 20 megawatts, with plans to reach approximately 5 gigawatts of installed capacity by 2026, focusing on renewable energy.
- The acquisition of Mannok by Cimsa represents a milestone in material technologies, aligning with the company's strategy to increase FX share in combined revenues.
- Akbank, a major asset of the group, has shown strong customer growth, adding 800,000 new customers and maintaining a robust capital adequacy ratio of 60%.
- The macroeconomic environment, including high inflation and interest rates, has negatively impacted the company's financial performance, with a reported loss of TRY7.6 billion.
- The energy segment faced challenges with lower spot electricity prices and reduced natural gas generation, impacting profitability.
- The mobility solutions segment experienced a 47% decline in EBITDA due to lower top-line growth and negative sales mix effects.
- Material technologies segment saw a 12% drop in top-line growth due to pricing competition and lack of pricing flexibility in domestic and export markets.
- High financial expenses and inflationary pressures have negatively affected net income across various segments, including financial services and digital.
Good afternoon, good morning, depending on your time zone. Welcome to Sabanci Holdings second quarter earnings results webcast. I have our CEO, Cenk Alper; and our CFO, Orhun Kostem, with me. I would like to hand over to Cenk Alper for opening remarks. Thank you.
Thank you, Kerem. Thank you to all participants. Good afternoon, good morning. Yeah, I am proud to say that our group has performed relatively well in the first half of the year and executed our strategy year-to-date despite all the volatility.
As you know, geopolitics remain unpredictable in the region. The world's major economies are progressing in line with overall expectations with inflation continuing to moderate. On the other hand, Turkey's fight against inflation prevails in a strict manner after adopting orthodox economic policies. What remains unchanged is that we continue to invest and stick to our strategic initiatives at a
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