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Koç Holding announced a net loss of 3.68 billion TL in the third quarter of 2024. The total loss for the first nine months of the year reached 1.9 billion TL.

Koç Holding published its financial data on the Public Disclosure Platform (KAP). Accordingly, the company reported a net loss of 3.68 billion TL for the third quarter of 2024, falling short of market expectations. The net loss for the first nine months amounted to 1.9 billion TL.

While the market expectation was for a profit of 450 million TL, the company had recorded a profit of 1.60 billion TL in the second quarter.

It was noted that the share of revenues from abroad was 29%, with 48% of this income coming from Tüpraş. Additionally, as of the first half of 2024, Koç Holding reported a net cash position of $854 million.

Tüpraş contributed 5.4 billion TL to the holding’s consolidated net profit, whereas Ford Otosan faced a loss of 13.4 billion TL and Yapı Kredi recorded a loss of 12 billion TL. Conversely, Arçelik contributed 2.3 billion TL to the net profit.

Decline in Gross Profit

The company achieved revenues of 1.66 billion TL, reflecting a 4% increase compared to the same period last year, but its gross profit declined by 40% to 240 million TL. The income attributable to the parent company was recorded at -1.9 billion TL.

In the third quarter, the holding’s revenues were primarily generated from energy (313.3 billion TL), automotive (220.2 billion TL), durable goods (118.4 billion TL), and the finance sector (168.6 billion TL).

In the first nine months of the year, Koç Holding generated 2.81 billion TL from investment activities, and it recorded a profit of 14.93 billion TL from investments valued by the equity method. However, a net financing expense of 16.86 billion TL and a monetary position loss of 38.51 billion TL due to inflation adjustments negatively impacted profitability.