ISGSY's Holiday Offer Move, New Collaboration from PASEU: Recent Developments from BIST Companies
The financial reports for the third quarter of 2024 continue to emerge. They indicate notable results and strategic initiatives in the financial performance of Turkey's leading companies. Highlights include Hitit's strong growth rates, Tatilbudur's share acquisitions, Meditera's financial challenges, Pasifik Eurasia's railway cooperation with China, Obase's increasing sales performance, and Kontrolmatik's progress toward its targets.
Hitit's strong performance in Q3 2024 Hitit (HTTBT), which holds a significant position in the airline and travel technologies sector, announced its Q3 2024 results. The company managed to increase its sales revenue by 27%, reaching $24.3 million. EBITDA was reported at $9.4 million, with an EBITDA margin of 39%. While 79% of the company's revenue came from foreign currency, 63% of sales were from abroad, and 37% were from domestic partners. Sezer Tuğ Özmutlu, Hitit's Deputy General Manager for Finance and Procurement, highlighted the company's stable growth, stating, "The 27% increase compared to the previous year at the end of Q3 2024 is evidence of our strong financial structure and strategies."
İş Girişim signs preliminary protocol for Tatilbudur share acquisition İş Girişim Sermayesi Yatırım Ortaklığı A.Ş. (ISGSY) plans to purchase shares from Çetin Yılmaz, who holds a 24.06% stake in its affiliate Tatilbudur. The preliminary protocol signed on November 8, 2024, indicates İş Girişim’s strategic move to increase its stake in Tatilbudur to 64.15%. The completion of this acquisition is contingent upon the signing of the share transfer agreement and obtaining necessary approvals. If finalized, İş Girişim’s influence in Tatilbudur will significantly increase.
Meditera's declining trend Meditera Tıbbi Malzeme Sanayi (MEDTR) and Ticaret A.Ş. recorded a sales revenue of 1.47 billion TL and an EBITDA of 295 million TL in the first nine months of 2024. However, these figures reflect a decline compared to the previous year. The company's EBITDA margin was around 20%, seen as a reflection of cost increases due to inflation. Sales revenue decreased by 3% compared to 2023, with international sales accounting for 61% of total sales. Factors such as currency fluctuations and inflationary pressures have been challenging the company’s financial results.
Pasifik Eurasia and Yuxinou Logistics collaboration Pasifik Eurasia Lojistik Dış Ticaret A.Ş. (PASEU) has reached an agreement with Yuxinou Logistics to launch regular block train services between China and Turkey. On November 7, 2024, the first block train departed from Chongqing, China. This collaboration is expected to boost the volume of railway transportation between China and Turkey, supporting Turkey's goal of becoming a logistics hub. Initially planned to operate once a week, the services are set to increase to three times a week by 2025.
Obase maintains its growth momentum Obase Bilgisayar (OBASE) increased its sales by 39% to 524.1 million TL in the first nine months of 2024. Notably, domestic business intelligence sales surged by 96%, and data analytics sales rose by 135%. International sales made up 15% of total sales. Gross profit increased by 124% to 56.1 million TL. Excluding inflation adjustments, Obase achieved a remarkable 212% increase in gross profit.
Kontrolmatik on track to reach growth targets Kontrolmatik Teknoloji (KONTR) is progressing toward its consolidated revenue and EBITDA targets for 2024. Enhancing cost efficiency in operational growth, the company raised its gross profit margin by 13.4% compared to last year, reaching 24%. In the first three quarters of 2024, the company recorded sales of $154 million with a growth rate of 63%. With new orders, the order backlog significantly increased, while the company maintains its EBITDA margin through precise cost management.
Trend GYO share buyback program ends Trend GYO's (TDGYO) Share Buyback Program, in effect for one year, concluded on November 9, 2024. No share acquisitions occurred during this period.
Akfen GYO stands out with hotel performance Akfen GYO (AKFGY) anticipates achieving its year-end targets based on hotel performances in the first nine months of 2024. The company registered a consolidated revenue of €22.6 million and an EBITDA of €19.3 million, while its year-end consolidated EBITDA expectation is set at €27 million.