Polisan Holding Announces Second-Quarter Financial Results

Polisan Holding Reports Second Quarter Results According to Polisan Holding's consolidated financial results for the second quarter of 2023, the company's consolidated revenues in the first half of the year increased by 11 percent compared to the same period of the previous year, rising to TRY 2,172,395 thousand. In the first 6 months of the year, the company's net profit was TRY 103,937,265 thousand. Polisan Holding Executive Board Member Cantekin Dinçerler stated that the global struggle against high inflation experienced following the pandemic has increased recession risks. Noting that the Russia-Ukraine war has intensified these effects regionally, particularly in Europe, Dinçerler continued: 'The effects of the contraction in demand that has persisted since the third quarter of 2022 have seriously impacted our exports as a country. In addition to the earthquakes centered in Kahramanmaraş, which occurred in February and were characterized as the 'disaster of the century,' the election atmosphere has also led to postponement of investments and spending in the economy. As Polisan Holding, we closely follow developments in the world and Turkey and integrate them into our strategies. We are taking measures to offset our rising operational costs, pressured by inflation and exchange rates, by increasing our revenues on the one hand and focusing on operational efficiency on the other. During a period when recession risks have increased and we are experiencing exchange rate attacks, we have accelerated our momentum. However, the chemical sector continues to be affected by recession risks in Europe. We have taken measures to sustain the upward momentum we have achieved at an even higher level for the remainder of the year.' [caption id="attachment_155855" align="aligncenter"] Polisan Holding Executive Board Member Cantekin Dinçerler[/caption]

'We expect to see the effects of our actions in the remainder of the year'

Dinçerler noted that they increased their revenues in the second quarter compared to the first quarter, stating: 'Polisan Chemistry's financial performance in the first 6 months showed a decline compared to the previous year due to inflation running higher than increases in exchange rates and falling sales prices and export volumes as a result of recession effects in Europe.' Dinçerler, saying they target seeing the effects of their actions taken in the second quarter during the remainder of the year: 'Polisan Yapıkim continues to increase its sales revenues and profitability thanks to both strong domestic demand and acceleration in urban renewal. Through our port operations, Poliport completed the second tank farm revision investment in May. In our port operations, we demonstrated very successful performance in the second quarter and managed to significantly increase both the volume of products we handled and our revenues. On the port side, we are beginning investments for high-margin specialty product storage, through which we expect the upward momentum we achieved in the second quarter to continue and increase in the following 2 quarters.' Stating that as Polisan Holding they view the company's and sector's future with confidence, Dinçerler said: 'We will continue to produce and invest to the best of our ability to contribute to our country. Our forecast is for the upward momentum we achieved in the second quarter to continue into the third and fourth quarters. However, in light of developments in the economy in the second half of the year, we are confident that we will reach our targets by focusing on our current performance results.' Source