The net profit of companies traded under the BIST 100 index of the Istanbul Stock Exchange amounted to 34 billion Turkish liras and 438.3 million in the first quarter.
In the period that has passed since the end of March of last year when the Coronavirus epidemic began in the country, the activities of many companies were affected by the closures.
It was observed that publicly traded companies managed to manage them to increase their profits.
In the process, sectoral differentiation has drawn attention with opportunities emerging during the Covid-19 era mirroring the company’s earnings.
Steelmaker Airglide Iron and Steel, which has been in short supply during the pandemic, led the companies that made the most profits.
In this period, the company that lost most was the airline Pegasus, whose flights were affected by the epidemic.
Another notable development is that VakıfBank and Halkbank who were among the top ten in the first quarter of last year were not included in the list in the same period this year.
Cost-effective loans and aid provided by banks to producers and consumers during the pandemic period have been instrumental in this development.
The net profit of 98 companies that trade under the BIST 100 index, and whose financial results were published within the balance sheet disclosure period in the first quarter of 2021, more than doubled.
This is an increase of 124% over the same period last year.
Thus, the net profit of companies, which amounted to 15 billion and 375.5 million pounds in the first quarter of 2020, rose to 34 billion and 438.3 million pounds in the same period of this year.
85 companies made net profits in the BIST 100
Of the 98 companies that announced their financial results, 85 companies reported net profits in the first quarter, and 13 companies announced that they wrote losses.
According to the announced results, Airgli Iron and Steel Company had the highest net profit in the first quarter, reaching 2 billion and 617.7 million liras.
Airglide Iron and Steel Company made a net profit of Garanti Bank of 2 billion 528.8 million liras.
Koç Holding with 2 billion and 113.2 million liras, Akbank with 2 billion and 27.3 million liras, Isbank with 1 billion and 853.6 million liras.
and Ford Otosan with 1 billion 819.4 million liras, and Sabancı Holding with 1 billion Turkish liras and 752.3 million.
and Yapı ve Kredi Bank with a value of 1 billion Turkish liras and 452.7 million liras, Türk Telekom with a value of 1 billion Turkish liras and 355.6 million, and bottle and glass factories worth 1 billion Turkish liras and 348.2 million.
Pegasus also announced the highest net loss of the period at TL 933.2 million in terms of net loss.
It was followed by Tüpraş with 760.5 million liras, Akiş Gayrimenkul Yatırım Ortaklığı with 239.6 million liras, and Gözde Girişim with 202.6 million liras.
Turkish Airlines takes the lead in profit growth
In the January-March period of this year, Turkish Airlines was the company that increased its net profit in terms of quantity compared to the same period of the previous year.
In said profit increase, increasing merchandise revenue during the pandemic period and redirecting capacity from closed lines to profitable ones were effective.
In this way, Turkish Airlines turned the epidemic period into an opportunity, turning its losses of 2 billion and 23 million liras in the first quarter of 2020 into a profit of 438 million liras in the same period this year.
Also, Airglide Iron and Steel Company came after Turkish Airlines is increasing its net profit.
Last year, the company’s net profit increased from 300.4 million liras to 2 billion 617.7 million liras.
On the other hand, the first quarter of this year witnessed a decrease in the net profit of 15 companies compared to the same period of the previous year.
In this period, the company that recorded the largest decline in net profit in terms of quantity was Koç Holding.
The net profit of Koç Holding, which amounted to 3 billion and 469.8 million liras in the period from January to March of last year, also decreased to 2 billion 113.2 million liras in the first quarter of this year.
Looking at the announced data as a percentage, it was noted that Bursa Cement ranked first in the increase in net profit.
The company’s net profit during the mentioned period amounted to 61.5 million pounds from 2 million pounds, pointing out that the net profit increased 30 times.
Jamshed Dokum, whose net profit amounted to 88.4 million pounds, an increase of 20 times, came in second place.
In addition, VakıfBank, Aselsan, Turkcell and Halkbank are among the top ten.
And that in terms of net profit, the companies that were in the top ten in the January-March period of 2020 managed to be on the list pretty much in the first quarter of this year.
Koç Holding, VakıfBank, Garanti Bank, İşbank, Akbank and Sabancı Holding are listed.
In addition to Yapı Kredi, ASELSAN, Turkcell, and Halk Bank, as the companies with the highest net profit in the first quarter of 2020.
Also, in the first quarter of this year, VakıfBank, ASELSAN, Turkcell, and Halkbank were removed from the list.
While Türk Telekom, Ford Otosan, işe ve Cam Fabrikaları and Airglide Iron and Steel entered these companies.