The latest "Fortune 500 Turkey" list, which is annually published by the business magazine Fortune, shows that big companies increased its net profit by 48,5%. The list includes manufacturing, trade, service, and construction sectors in Turkey and it is conducted together with CRIF and Dun & Bradstreet Turkey.
According to the list, Turkish Petroleum Refineries Corporation (TÜPRAŞ), owned by Koç group - one of the richest conglomerates of Turkey, ranked first with 34,8 billion net profit on sales. Energy Markets Operations Inc. (EPİAŞ) ranked second with 32,9 billion net profit on sales, and OMV Petroleum Office ranked third with 30,7 billion.
The total net sales of the 500 firms in the list reached 930 billion 885 million with a 9,4 per cent increase. The first 10 firms on the list are from petroleum and energy sectors.
The total net profit of the firms, on the other hand, reached 42 billion 548 million with a 48,5 per cent increase, and the business profit of the firms reached 71 billion 240 million with a 30,24 per cent increase while their financial expenditures reached 50 billion 317 million with a 10,43 per cent increase.
The total export revenue of the biggest firms of Turkey reached 220 billion 752 million with a 6,74 per cent increase. Although the export revenue increased in TL, it showed a decreasing rate of 3,86 in US dollars.
Only 393 firms in the list had export revenues, the remaining 107 firms had revenues from domestic sales. Turkish Airlines (THY) had secured its leading position since the last 10 years among the firms with top export revenues. Ford Automotive ranked second with 12,2 billion export revenue, while Arçelik (a domestic appliance firm) ranked third with 11,2 billion export revenue.
THE NUMBER OF FIRMS WITH MORE THAN 10 BILLION SALES REVENUE REACHED 20
The assets of the firms in the list reached 1,049 billion TL with 25,4 per cent increase and their equities reached 405,1 billion with 19,2 per cent increase. The list reveals that 79 new firms entered the list this year. The total sales revenue of the 183 firms in the list exceeded 1 billion. While the number of the firms with more than 10 billion sales revenue was 17 last year, it reached up to 20 in 2017.
THE LEAGUE CHAMPION HAS THE HIGHEST PROFIT
The league champion Fenerbahçe ranked first with 548 million and 229 thousand net revenue among the three big football clubs in Turkey. Galatasaray ranked second with 508 million and 853 thousand net revenue, while Beşiktaş ranked third with 407 million and 548 thousand net revenue.
BANKING SECTOR ALSO INCREASED ITS NET PROFITS
The banking sector is also among the big monopolies that increased their profits during the AKP rule. The net profit of the banking sector increased 50,3 per cent compared to the last year's rates and reached up to 21,17 billion TL. The assets of the sector are 1,89 trillion with a 7,3 per cent increase compared to 2016.
The credits of the sector reached up to 2,93 trillion TL with an 8,9 per cent increase compared to 2016. The capital adequacy ratio of the sector reached 17 per cent.
THE PURCHASING POWER OF THE MINIMUM WAGE WORKERS DECREASED
The inflation report of the Center for Class Studies of the United Metal Workers' Union revealed, on the other hand, how inflation calculations masked impoverishment in Turkey.
The report underlines that a single consumer price index for all income groups result in an inconsistency between the official inflation rates and the real inflation.
According to the report, the 10,9 per cent increase in the consumer price index had different consequences upon the purchasing power of different income groups. While the annual inflation rate for the richest 20 per cent was 11,21 per cent; it was 11,46 for the self-employed and 11,32 for the daily wage workers. The increase in food prices influences the poor the most.
