ECONOMY

Ronesans Holding's net profit almost doubles in 2017

RONESANS HOLDINGS NET PROFIT ALMOST DOUBLES IN 2017
Ronesans Holding founder Erman Ilicak

Net profits at leading Turkish conglomerate Ronesans Holding almost doubled last year to reach 1.05 billion Turkish liras ($287.1 million), the holding announced on Saturday.

Profits at the Ankara-based holding, active in construction, automotive, real estate investment and development, energy, health and education, surged 98.8 percent to 527.3 billion liras ($174 million) in 2017, according a statement issued on the Public Disclosure Platform (KAP) of Turkey's Borsa Istanbul exchange.

Ronesans' revenues also jumped over 50 percent to 15.4 billion liras ($4.21 billion) in 2017, up from 10.2 billion liras ($3.37 billion) the previous year.

The holding's profit rise is based on core earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching 1.34 million liras ($368.2 million) in the year.

The total equity of the holding last year reached 8.64 billion liras ($2.37 billion).

The U.S. dollar/Turkish lira exchange rate was 3.65 in 2017 and 3.03 in 2016, according to Turkey's Central Bank.

Forbes magazine's world's billionaires list named Ronesans Holding founder Erman Ilicak Turkey's second-richest person, with his $4 billion fortune.

The holding -- established in 1993 -- operates in over 20 countries, including Russia, Germany, Switzerland, Qatar, Finland, Belgium, Gabon, and Japan.

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