Sabanci aims operating profit of 3.7 bn YTL in 2008

03 Mar '08

4 min read

Last year, Sabanci Group increased its consolidated net sales by 20 percent to 19.4 billion YTL. It has announced its consolidated net sales target for year 2008 as 21.7 billion YTL, representing an increase of 12 percent.

Sabanci Holding Annual Information Sharing Meeting 2008, where Sabanci Group's financial achievements in 2007, and targets and expectations for 2008 were announced, took place at Sabanci Centre with the attendance of Holding Chairman Guler Sabanci and CEO Ahmet Dorduncu.

In the evaluation meeting, Sabanci Holding Chairman Guler Sabanci said; “It's time to pull ourselves together and look ahead in a different direction. We should not make a plan for the future by looking at what we've been through.”

Guler Sabanci pointed out that the sub-prime mortgage crisis that emerged at the end of 2007 caused the financial markets to lose credibility, and gave rise to a danger of recession.

Sabanci said, although the energy and oil prices create an inflationary pressure on global economy, significant business opportunities have arisen for Turkey as well.

Sabanci mentioned that in such a world, Turkey faces important opportunities. Sabanci said, “If we avoid political crises; we see that there will be an excess liquidity put into circulation in the global markets for purposes of dealing with the global sub-prime crisis, which excess will constitute a major opportunity, and that Turkey could be one of the markets where such excess liquidity may flow to, as a result of the financial losses and instability in the USA.

We believe that, under such circumstances, it can also contribute to the financing of the current account deficit in the short run.

These levels of oil, gas and energy prices end up with a considerable build up of liquidity in the countries having such resources.

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