Sabancı Holding’s profit declined by 26% in the first quarter of 2023, according to their balance sheet announcement. The Turkish conglomerate reported a profit of 6 billion 87 million 59 thousand liras in Q1 2023, compared to 8 billion 250 million 723 thousand liras in the same period last year.
Despite the decline, Sabancı Holding remains one of the largest and most diversified industrial and financial groups in Turkey. It has investments in various industries, including banking, energy, retail, and automotive.
The company has not released any official statements regarding the decline in profits. However, industry analysts attribute it to the challenging economic environment caused by the Covid-19 pandemic, which has affected businesses globally.
Sabancı Holding is one of the leading companies listed on the Istanbul Stock Exchange, with a market capitalization of around 66 billion Turkish liras. The conglomerate has a strong presence in Turkey and abroad, with operations in nearly 20 countries worldwide.
Despite the challenging economic conditions, Sabancı Holding remains committed to growth and innovation. It continues to invest in research and development, as well as strategic partnerships and acquisitions to strengthen its position in various markets.