TürkTraktör Announces First Quarter Financial Results for 2024
Celebrating its 70th anniversary in the Turkish automotive industry, TürkTraktör announced its financial results for the first quarter of 2024. TürkTraktör manufactured 13,179 tractors in the first three months of the year. In its 70th year TürkTraktör maintains its market leader position, accounting for 63 percent of Türkiye’s tractor production and 82 percent of its exports in the first quarter of 2024. According to TürkTraktör's Q1 2024 financial data, which has been inflation accounted in accordance with IAS 29, the company’s net profit is TL 1 billion 748 million, total turnover is TL 16 billion 595 million, and operating profit margin and EBITDA margin were realized as 16.4 percent and 18.6 percent, respectively.
In the first quarter of 2024, TürkTraktör sold 9,239 tractors to the domestic market, while reaching 4,460 units in exports. TürkTraktör, with a total share of 50.2 percent in the Turkish tractor market with its two brands, has maintained its leadership position for 17 consecutive years. TürkTraktör is the market leader with its New Holland brand, while its premium brand, Case IH, ranks second in the market.
Stating that the company made a solid start to 2024 after a record-breaking year in 2023, TürkTraktör Company Leader Matthieu Séjourné said, "We are strengthening our leadership in the Turkish tractor market with our New Holland and Case IH brands in a year that holds a special meaning for us. We are pleased to announce a successful start to 2024, which marks our 70th anniversary. We completed the environmentally friendly Stage 5 emission transition of our products as part of our sustainability efforts, which is an issue of utmost importance for us as we prepare agriculture and cities for the future. I would like to express my gratitude to our farmers for their trust in our world-class tractors and equipment. I would also like thank all members of the TürkTraktör family for working even more diligently in our 70th year."
