Tekfen Holding’s Consolidated Financial Results for 2012

Founded in 1956, Tekfen Group is a large publicly traded group of 38 companies, seven subsidiaries and 17,532 employees.

Tekfen Holding’s consolidated financial results for 2012 show increases in Group revenue and net profit. The Group’s revenue, grew to TL4,076 million in 2012 with a 27% increase, while its net profit climbed to TL300 million with a 24% increase. The Group’s consolidated assets for 2012 are TL4,133 million.

The Tekfen Contracting Group, one of Tekfen’s largest areas of operation and which is active on three continents, increased its revenues in 2012 to TL2,508 million. It succeeded in obtaining new business in Turkey, Iraq, Qatar and Saudi Arabia and gained additional business in on-going projects. The backlog of Tekfen Contracting Group after reaching a record high US$2.5 billion during the year, was US$2.15 billion at the end of 2012.

Agri-industry is another major area of operations for Tekfen Group. Opersating under Toros Tarım brand name, the Agri-Industry Group successfully conducted its operations in 2012, generating revenues of TL1,438 million. One of the most important developments in 2012 for the Agri-Industry Group was its decision to make a major, US$300-million investment in the construction of a sulfuric acid facility within its Toros Tarım Samsun production plant, renovation of its phosphoric acid facility and an upgrading of its compound fertilizer facility, all to provide a secure raw material source and to lower production costs. The entire sulfuric acid facility will incorporate new technology to make it environmentally friendly. Heat created during production will be used to power other production processes and the excess sold as electricity to the national grid. By reducing the import of intermediate products, the sulfuric acid facility will also contribute to lowering the trade deficit, one of Turkey’s most important problems.

Tekfen Real Estate Development Group is a leader in its sector. The Group intensified its marketing and sales activities for its Kâğıthane OfisPark, Bodrum Müşkülüm Çiftliği and for its Bomonti Apartments. The Group also accelerated efforts to begin the construction of a US$500 millon mixed-use project in Izmir’s Bayraklı district, in partnership with Rönesans Group in 2013.

In a historic development, the Tekfen Group withdrew from the banking sector in 2012 and, acting with its Greek partner, sold its 29.26% share in Eurobank Tekfen to the Kuwait-based Burgan Bank.