Polisan Holding Announces 2024 First-Half Financial Results

The holding generated TRY 2.6 billion in revenue during the first half of the year, and achieved TRY 490 million in EBITDA in the first half amid challenging conditions, maintaining the EBITDA performance of the first quarter.

Polisan Holding, which operates in the chemicals, port, real estate and paints sectors, reported its second-quarter 2024 financial results to the Public Disclosure Platform (KAP). The holding generated TRY 1.299 billion in revenue in the second quarter of 2024, with gross profit of TRY 332 million. Second-quarter EBITDA reached TRY 256 million and followed a trajectory parallel to first-quarter performance.

Polisan Holding recorded TRY 2.6 billion in consolidated revenue in the first half of 2024, announcing gross profit of TRY 662 million with a 22 percent increase. EBITDA rose 8 percent on an annual basis to TRY 490 million, while EBITDA margin increased by 6.9 percentage points to 18.6 percent. The group achieved TRY 159 million in operating profit and TRY 58 million in profit before tax in the first six months of the year, compared to TRY 58 million in operating loss and TRY 223 million in loss before tax in the same period of the previous year.

Cantekin Dinçerler: "In the second quarter, while conditions became more challenging, we managed to maintain our EBITDA performance and continued our investments."

Polisan Holding CEO Cantekin Dinçerler made the following assessment: "In the second quarter of the year, we experienced a period marked by a sharper contraction in domestic demand, weak performance in export markets, high financing costs and difficult market conditions persisting, while the inflation-exchange rate gap widened further. Despite these challenging conditions, we took precautions to limit these negative effects. With our portfolio diversification and the strength of our value-added products and services, we maintained the EBITDA of the first quarter. During this period we continued our investments and completed the 30,000 metric ton capacity polymer investment at the Polisan Yapıkim Adana plant. We continue our feasibility studies for capacity expansion at Poliport. In the second half of the year, depending on developments in domestic and external economic indicators, we will continue to take precautions in a dynamic manner."