Polisan Holding Announces Third-Quarter Financial Results

Polisan Holding released its third-quarter 2023 financial results. In the third quarter of the year, consolidated sales revenues increased by 18 percent compared to the previous quarter, while EBITDA rose by 50 percent. As of the end of September, consolidated revenues increased by 11 percent to TRY 3.5 billion, while consolidated EBITDA rose by 2 percent to TRY 566 million. The group's combined revenues reached TRY 5.8 billion with a 27 percent increase, while combined EBITDA climbed to TRY 862 million with a 16.2 percent increase. The group generated net profit of TRY 410 million during the nine-month period of 2023. Polisan Holding, which continues its operations in chemicals, paints, port operations and real estate, and has developed business partnerships with two major global companies, increased its consolidated revenues by 11 percent to TRY 3,515 million in the third quarter of 2023 compared to the same quarter of the previous year. In the third quarter, the holding raised its consolidated EBITDA margin by 9.4 percentage points compared to the previous quarter to 23.6 percent, while third-quarter EBITDA increased by 50 percent compared to the previous quarter to TRY 317 million. With the contribution of operating profit brought by the successful third quarter, net profit reached TRY 411 million as of the end of September. Polisan Holding, which recorded improvements in combined financial results that include Polisan Kansai Paints and Rohm&Haas, increased its combined revenues by 13 percent to reach TRY 5.8 billion, while combined EBITDA rose to TRY 862 million. [caption id="attachment_157679" align="aligncenter"] Cantekin Dinçerler[/caption]

Polisan Holding Executive Board Member Cantekin Dinçerler made the following assessment regarding third-quarter financial results:

"We have a strong balance sheet to cope with rising geopolitical risks and challenging market conditions worldwide, diversified business lines, and a respected and well-established brand. Through effective risk and performance management and our colleagues' efforts, we achieved significant progress in the third quarter. In the third quarter of 2023, we had a successful quarter, increasing our consolidated sales revenues by 18 percent compared to the previous quarter and our consolidated EBITDA by 50.2 percent. We raised our consolidated EBITDA margin by 5 percentage points compared to the previous quarter to 23.6 percent. We began to see the results of actions taken in the second quarter in the third quarter, and in the first nine months of the year, our sales revenues, when compared to the same period of the previous year, increased by 11 percent on a consolidated basis while our combined revenues rose by 27 percent. While all of our group companies except Polisan Hellas recorded significant revenue growth, nine-month EBITDA reached TRY 566 million." Dinçerler, noting that Polisan Holding views the future of the country and the company with confidence, said, "We operate with the fundamental objective of creating added value for our country, our shareholders and our stakeholders. We carefully monitor developments in all markets and sectors where we operate, and we dynamically update our investment plans and commercial actions."