Ulker Bisküvi Sanayi (ULKER) Q4 2023 earnings summary

Executive summary

• Revenue reached TL 55.836bn in 2023, up 7.4% YoY; consolidated EBITDA margin was 19.0%, and net profit attributable to parent shareholders was TL 3.379bn.

• Türkiye contributed 68% of turnover and exports plus overseas operations 32%; international operations accounted for 37.7% of total operational profitability.

• Leadership cited disciplined cost and purchasing management, wider product innovation, and a strengthened balance sheet amid inflationary and geopolitical pressures.

Financial highlights

• Revenue TL 55.836bn vs TL 51.981bn in 2022; gross profit TL 16.177bn vs TL 11.328bn; operating profit TL 10.993bn vs TL 7.058bn.

• Profit for the period TL 4.223bn vs TL 1.430bn; attributable net profit TL 3.379bn vs TL 985m; EPS TL 9.15 vs TL 2.67.

• Operating cash flow was TL 7.351bn vs TL 4.022bn; cash and cash equivalents ended the year at TL 11.657bn vs TL 15.249bn.

• Total assets were TL 61.590bn vs TL 66.149bn; shareholders’ equity rose to TL 19.802bn from TL 15.643bn.

Outlook and guidance

• Net-zero target remains 2050; 2024 priorities include reducing water use per production unit by 30%, boosting energy efficiency by 25%, and cutting logistics-related emissions by 20%.

• Targets include 100% renewable electricity for factories by 2025 and warehouses by 2030, sustainable sourcing of key raw materials, and recyclable, reusable, or compostable packaging by 2025.

• Strategy emphasizes higher sales volumes and revenue in biscuits, chocolate, and cakes, cost and productivity improvements, continued brand investment, and stronger regional reach.