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Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

Sabanci Holding Completed Third Quarter With Impressive Financial Results

November 9, 2020 GMT
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Cenk Alper, Sabancı Holding’s CEO
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Cenk Alper, Sabancı Holding’s CEO

ISTANBUL, Nov. 9, 2020 /PRNewswire/ -- Sabancı Holding announced its financial results for the third quarter of 2020. Sabancı Holding increased its year-over-year net profit by 69 percent in the third quarter of this year and its total profit in the first 9 months of this year has gone up to TRY 3.8 billion. Consolidated sales grew by 4 percent and increased to TRY 15.2 billion in the third quarter.

Sabancı Holding’s CEO Cenk Alper, evaluated the results of the third quarter, noted: “The pandemic continues to reshape the methods of conducting business all around the world and also in Turkey. In this respect, the financial results we achieved have proven the effectiveness of our past initiatives. The pandemic peaked during the second quarter and we managed to record positive results by leveraging our strong financial structure, well-balanced lines of business and decreasing levels of indebtedness. In the third quarter, we improved over financial performance further during the quick economic recovery, as observed particularly in the domestic market, by leveraging our well-balanced lines of business once again.”

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Cenk Alper underlined that Sabancı Group stands out in all its sectors by investing in digitalization and sustainability, and continued: “In the energy sector, we invested TRY 1.3 billion in the network. Furthermore, our company, Enerjisa Generation, signed a key financing agreement that will boost its renewable energy investments. In this context, the company signed the largest sustainability loan agreement of Turkey, 650 million Euros in total, with 7 banks.”

“In building materials, the quick recovery in the domestic market and our increasing exports volume boosted our financial figures. Returns of our investments in digitalization was observed most clearly in the financial services and retail sectors and we completed a very satisfactory period in these sectors. The customer-focused roadmap of Teknosa pulled in the best performance of the last 20 years. We made our first investment through the Venture Capital Fund of Sabancı Holding (Sabancı Ventures).”

“We have to thank each and every employee of Sabancı Group, particularly for their dedication and efforts during the pandemic. We, as Sabancı of Turkey, have worked for and added value to our country and we will continue to do so,” added Mr. Alper.

‘SUSTAINABILITY RATING INCREASED BY ONE SCALE’

Cenk Alper continued as follows: “Today, success of a company is not only measured by its financial results but also by its contributions to sustainable development and social values. In recognition of this responsibility, we have come to be the only Turkish member of the World Business Council for Sustainable Development (WBCSD), which is one of the world’s leading business platforms focusing on sustainable development. Sabancı Holding’s sustainability rating on the MSCI index increased by one more grade. We will continue to work by prioritizing sustainable environmental, social and governance concerns that are parts of our long-term strategy.”

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SOURCE Sabanci Holding