Turkey’s Arcelik reports better-than-expected net profit in 2020

Turkey’s Arcelik, a major white goods producer, displayed a strong performance in 2020 despite the pandemic and revealed its net profit above expectations.

The company’s profit exceeded the expectation of TRY2.39 billion ($323 million) and reached TRY2.85 billion ($387 million) in 2020. In the same period, sales also came above expectations and stood at TRY40.9 billion ($5.5 billion).

Arcelik’s strong performance was mainly supported by its surging net profit in the last quarter of 2020. The company’s net profit for the fourth quarter of last year skyrocketed by 384.8% on a yearly basis and reached TRY1.16 billion ($157 million).

Commenting on the results, analysts pointed to the growing demand in major global markets and the losses in the Turkish Lira as factors that drove the increase in profit.