Tekfen Holding - Stellar 2Q17 Results Reinforce Our Bullish View
Tekfen Holding reported 2Q17 IFRS results yesterday. Although we had expected to see a y-o-y improvement in operating performance, on the back of continued strength in composite fertilizer margins, expanding construction projects and deliveries in the real estate segment, the results beat our and the market's expectations across the board. This was mainly thanks to a surge in the equity contribution from Azfen and the agriculture division's better than expected operating performance. Net income came in at TRY224 mln, up 208% y-o-y and 38% Q-o-Q, beating our TRY132 mln forecast and the consensus estimate of TRY114 mln by wide margins. Following the encouraging 1H17 performance, the management, as expected, revised upward its 2017 guidance.Tekfen Holding conducts its operations in four main business segments: Contracting, Agriculture, Real Estate and Other operations. Contracting group focuses on construction of petroleum and gas facilities, land and sea terminals, offshore platforms and tank farms. Agricultural group has operations in chemical fertilizer, ground and vegetable grain, production, distribution and trade of seedling and sapling. Real estate group operates in designing, constructing, renting, and sale of real estates such as residents, offices, shopping centers and hotels. Operations of other segment comprise of light-pulp trading, cotton yarn production and trading, insurance services and holding operations.
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