Kervan Gıda, which rose to 66th place among the Global Top 100 Confectionery Companies and holds the highest capacity for soft candy production in Turkey, increased its revenue to TRY 1.6 billion with a 58% increase in the second quarter of 2023.

Kervan Gıda announces second quarter 2023 financial results

According to the disclosure made by Kervan Gıda to the Public Disclosure Platform (KAP), which continued its growth momentum in the first quarter of 2023; the company's consolidated EBITDA for Q2 2023 was realized at TRY 281 million with a 17% margin, exceeding market expectations. The company's sales revenue also increased approximately 58% compared to the same period in 2022, reaching TRY 1.6 billion. Kervan Gıda, with a gross profit margin of 34%, achieved a consolidated EBITDA margin of 17%.

"With our corn investment, we will significantly increase our revenue and profitability"

Kervan Gıda Board Chairman Burhan Başar made the following comments on the matter: "We closed the first quarter of 2023 above market expectations. We are quite pleased with our second quarter results. Based on these figures, we will close 2023 strongly, surpassing our targets and expectations. As Kervan Gıda, to maintain this success and growth momentum, we continue to make various investments domestically and abroad. The newest of these investments is the one we will undertake in Egypt, one of North Africa's largest countries with a population of 105 million. With our planned USD 30 million investment in Egypt in the coming period, we aim to transform Egypt into a production hub alongside Turkey and strengthen our position in the region. Additionally, we believe this investment will significantly increase our company's revenue and profitability in the medium to long term."

Reached its targets with correct strategies

Kervan Gıda, which entered the "2022 Global Top 100 Confectionery Companies" list at 82nd place and rose to 66th place on the 2023 list, proving its global success, provides employment to more than 3,000 people with seven factories spanning 110 thousand square meters in Turkey and Poland and an annual production capacity of 111 thousand tons. With partnerships in the United States, the United Kingdom, Germany, Russia and Poland, Kervan Gıda has achieved its target of becoming the "World's 5th Largest Soft Candy Producer" through its value-added product approach and productivity initiatives.