Tekfen Holding Anonim Sirketi (TKFEN) Q1 2024 earnings summary

Executive summary

• Q1 2024 revenue rose to 16,068 million TL, up from 15,745 million TL year-over-year.

• Gross profit increased significantly to 1.94 billion TL from 82.8 million TL year-over-year.

• Net loss for Q1 2024 was -1,878 million TL, deepening from -533 million TL in Q1 2023.

• Total assets decreased to 57.4 billion TL as of 31 March 2024 from 60.7 billion TL at year-end 2023.

Financial highlights

• Operating profit dropped to -1,516 million TL from 83 million TL year-over-year.

• EBITDA turned negative at -1,314 million TL, compared to 729 million TL in Q1 2023.

• Cash flows from operating activities increased to 4.75 billion TL from 2.56 billion TL year-over-year.

• Capital expenditures increased to 345 million TL from 283 million TL year-over-year.

• Net cash position decreased to 774 million TL from 1,157 million TL at year-end 2023.

Outlook and guidance

• Business development focused on regions like Azerbaijan, Kazakhstan, Qatar, Saudi Arabia, and Iraq.

• Ongoing efforts to expand in renewable energy and green ammonia projects.

• Awaiting outcomes of proposals totaling $1.37 billion submitted in 2023.

• Management continues to address losses in construction projects through negotiations and legal actions.

• No dividend distribution was decided for 2023 due to accumulated losses.