Ülker Announces 2024 Financial Results

The company closed 2024 with revenue of TRY 84.1 billion while maintaining its leadership in the biscuit market in Saudi Arabia and Egypt, and continuing strong growth trends in Kazakhstan and Central Asian countries.

According to a disclosure sent to the Public Disclosure Platform (KAP) by Ülker Bisküvi, Turkey's leading food company*, 2024 revenue reached TRY 84.1 billion. The company closed 2024 with an 18.5% EBITDA (earnings before interest, taxes, depreciation and amortisation) margin. Ülker maintained both its biscuit market leadership in Saudi Arabia and Egypt and strong growth trends in Kazakhstan and Central Asian countries in 2024.

Ülker Bisküvi Chief Executive Officer Mete Buyurgan noted that the company achieved numerous successes with both financial results and innovative projects in 2024, marking the company's 80th anniversary. Buyurgan continued his remarks as follows: Through revisions in our go-to-market model and technology investments in our production facilities, we continue to develop our successful business model with a focus on efficiency. We closely monitor digitalisation trends and continue our technological investments. Our investments in automation at our production facilities simplify our business processes, accelerate them and increase their efficiency.

Our business, which spans broad geographies, reached revenue of TRY 84.1 billion through our agile and proactive management approach. Being innovative and rapidly adapting to changing trends is important to us. We analyse changes in consumer behaviour and new motivations in snack consumption, and determine our roadmap through our innovative product development strategy with our 2 R&D centres. Over 250 new products have been placed on shelves in the last 5 years. In 2024 alone, we presented 51 new products to the appreciation of our Turkish consumers. Our innovative products made up 15% of our domestic revenue. We continue to grow with our strong innovations and focus products.

Sustainability is our focus
Noting that Ülker places sustainability efforts at the centre of its focus in a period when global and local dynamics are changing rapidly, with its waste-free company culture, Buyurgan shared the following information: "Our sustainability efforts, which are shaped by including all stakeholders—suppliers, producers, business partners and consumers—through production that respects nature and people, continue uninterrupted. While growing without an increase in carbon emissions, we sourced all electricity consumption of our factories from renewable energy sources. We prepared our 2030 and 2050 Net Zero Roadmap.

All our factories in Turkey, which have achieved a rate of converting 99% of raw materials into finished products and a 98% waste recycling rate, have received the 'Zero Waste to Landfill' certificate. We expanded our projects specifically in important raw materials such as hazelnuts, cocoa and wheat. In 2024, we completed our first sustainability-linked bond issuance worth USD 550 million. According to LSEG's (London Stock Exchange Group) environmental, social and governance performance (ESG) assessment of publicly listed companies, we moved up to first place in our category once again as of 2 January 2025, following January 2024.

In 2025, both in Turkey and in other geographies where we operate, we will strengthen our efforts with the responsibility of being one of our country's locomotive companies. For our country's brand new future, we will work harder and make greater strides in innovation, digitalisation, and strengthening our product supply and distribution network.