ECONOMY

Ülker's net profit rises over 50 percent in 2017

ÜLKERS NET PROFIT RISES OVER 50 PERCENT IN 2017

The net profit of Turkish food giant Ülker Bisküvi reached 430.9 million Turkish liras ($118.05 million) in 2017, the company announced Tuesday.

The company's net profit rose by 51.6 percent, up from 284.3 million liras ($93.82 million) in 2016, according to a statement issued on main stock exchange Borsa Istanbul's Public Disclosure Platform (KAP).

Ülker's revenues were 4.81 billion liras ($1.31 billion) in 2017.

The company's profit rise is based on core earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching 701.4 million liras ($192.16 million).

The company sold 575,000 tons of snacks -- mostly biscuits, chocolates and cakes -- worth 4.8 billion liras ($1.31 billion).

Ülker -- founded in 1944 -- operates under one of Turkey's largest conglomerates, Yıldız Holding, and produces over 300 kinds of snacks such as cakes, biscuits, candies and non-alcoholic beverages.

Leading business magazine Forbes on Tuesday named CEO of Yıldız Holding, Murat Ülker, Turkey's richest person with his $4.8 billion fortune.

The holding comprises of several companies such as world-famous chocolate brand Godiva, biscuit producer United Biscuits and U.S-based DeMet's Candy Company.

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