Turkish group plans $3.8bn investment
Istanbul, March 9, 2013
Turkey's largest listed conglomerate Koc Holding said it planned a record 6.8 billion lira ($3.8 billion) of investment in 2013, much of it expected to be for the upgrade of its Tupras oil refining business.
The family-owned group, a bellwether for the Turkish economy with interests ranging from automotive and durable goods to energy and banking, said net profit rose nine per cent to 2.3 billion lira last year.
Consolidated sales rose to 77.5 billion lira from 69 billion, with every sector except automotive contributing to the growth.
Its durable goods revenues rose 25 per cent, revenues from its financial business rose 22 per cent and energy sector sales increased 14 per cent.
Chief executive Turgay Durak said the company had invested 4.9 billion lira last year, its highest investment level ever, despite slower Turkish economic growth.
"We expect growth dynamics to accelerate again in 2013 and Turkey to grow 4.5 per cent," Durak said, adding that Koc's total investment this year would be 6.8 billion lira.
Tupras is in the midst of upgrading its refinery at Izmit, northwest Turkey, to enable the conversion of heavy products into cleaner fuels, a multi-billion dollar project involving Spanish group Tecnicas Reunidas.
Beside Tupras, Koc is the parent company of Aygaz in energy, Yapi Kredi in banking, Arcelik in durable goods, Ford Otosan, Tofas, Turk Traktor, Otokar in automotive and Tat Konserve in food.-Reuters
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