BİM’s third-quarter profit came in above expectations

BİM

In the third quarter of 2023, BİM achieved a net period profit of 3.84 billion TL, surpassing the expected company profit of 3.12 billion TL. Consequently, the net profit margin for this quarter rose from 4.9% in the previous quarter to 5.2%.

BİM’s net profit for the first nine months of 2023 totaled 8.04 billion TL. The company’s net profit for the full year of 2022 was 8.16 billion TL, with 821 million TL of the 2022 net profit being generated from deferred tax income. The net profit margin for the entire year of 2022 was realized at 5.5%.

There was an improvement in profit margins on a quarterly basis. BİM’s third-quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at 6.67 billion TL, surpassing the market expectation of 5.5 billion TL, and its revenue slightly exceeded the anticipated 73.6 billion TL, reaching 74.4 billion TL. The EBITDA margin rose to 9% in the third quarter and was 7.7% for the nine-month period, while it stood at 5% in the first six months of the year.

The company’s sales increased by 81% in the last quarter, reaching 74.4 billion TL. BİM’s total revenue for the nine-month period reached 183.6 billion TL, indicating a 79% increase compared to the same period last year. Total sales were 41.1 billion TL in the same quarter last year and 57.8 billion TL in the previous quarter. 88.8% of the sales were generated from BİM in Turkey, 5.6% from File, 4.7% from BİM in Morocco, and 0.9% from BİM in Egypt.

During this quarter, BİM achieved a gross profit of 15.5 billion TL and increased its gross profit on a quarterly and yearly basis. The quarterly gross profit margin rose from 18.5% to 20.9%.

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