TURKEY - TTRAK: Sales and Production for September
- Turk Traktor released the operational figures for September 2020.- Turk Traktor sold 3,508 units of tractors in September 2020, up by 41% YoY and 41% MoM. With September data, Turk Traktors 3Q total sales units rose by 32% YoY to 9,038 units.
- Looking at the breakdown, Turk Traktors domestic sales rose by 147% YoY to 2,420 units while exports were down by 43% YoY to 1,088 units in September 2020. In 3Q20, its domestic sales advanced by 133% YoY and exports were down by 26% YoY. Attractive interest rate environment, subsidies as well as deferred demand (particularly in 2018-2019 years) were the key catalysts for the strong domestic demand for tractors. We like the increasing share of domestic sales units in total sales, since the domestic sales are more value added to the company.
- On production, Turk Traktr produced 3,630 units of tractor in September 2020, up by 41% YoY, which brought 3Q20 production to 9,251 units, up by 32% YoY.
Turk Traktor Ve Ziraat Makineleri is engaged in the manufacturing of agricultural machinery, such as tractors, harvesting machinery and earth moving machinery, and its allied parts, including gearboxes, transmission boxes, engine blocks, cylinder heads and hydraulic lifters. Co. sells New Holland and Case IH branded vehicles and equipments. Co. exports its products to over 50 countries.
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