Polisan Holding announces 2023 financial results

Polisan Holding, which operates in the chemicals, port, real estate and paints and coatings sectors, reported its 2023 financial results to the Public Disclosure Platform (KAP). According to the results reported to KAP, Polisan Holding generated TRY 5.6 billion in revenue in 2023. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) was announced as TRY 1 billion. Combined revenues including the stake held in Polisan Kansai Boya and Rohm&Haas reached TRY 8.8 billion.

Net profit of TRY 748 million in 2023

According to the financial results shared by Polisan Holding, the company's net profit in 2023 was TRY 748 million. Polisan Holding CEO Cantekin Dinçerler made statements on the matter. Dinçerler said: "When adjusted for effects from real estate value changes and tax regulations, we largely preserved our profitability. We aim to accelerate the momentum we gained in the second half of 2023 through 2024." [caption id="attachment_160622" align="aligncenter"] Polisan Holding CEO Cantekin Dinçerler[/caption]

EBITDA margins increased from 16% to 18%

In his assessment of the financial results, Dinçerler stated: "Changes in the value appreciation of investment properties compared to 2022 and significant changes in tax regulations reduced our profit compared to the previous year. Although 2023 started under adverse conditions, with the performance we achieved in the second half of the year, we increased our gross profit margin from 17% to 21% and our EBITDA margin from 16% to 18%." Targets for 2024: to continue the momentum gained in 2023 by increasing investments Dinçerler concluded: "We have left behind a difficult year, but the performance we achieved in the second half of the year, when we generated approximately 70% of the year's total EBITDA, in our core business lines demonstrates that our strategy is bearing fruit. We have confidence in Turkey's future and that of the sectors in which we operate, and we direct our investments with this confidence. We will accelerate the momentum we gained in the second half of 2023 through the investments that will be completed in 2024."