Vestel Elektronik Annual Report 2023

A message from the Chairman: Esteemed Stakeholders, This past year was a proud and meaningful one as 2023 was the 100th anniversary of the Republic. We are working tirelessly to protect and sustain our Republic with our shared values as a nation. With our world-class production approach, innovative and quality products, and broad vision, we proudly represent our country in technology exports to the world as a strong company that pioneers the market not just in Türkiye, but also in the global markets.

On the other hand, the major earthquake disasters that occurred in Kahramanmaraş on February 6, 2023, and subsequently, have plunged us all into mourning. We have been trying to assist the efforts to heal the wounds in the earthquake region since the first day of the disaster. In addition to the deep social and economic effects, the earthquake disaster also served as another reminder of the value of our unity, solidarity, and national cooperation spirit. Our country started the year with a devastating disaster, then entered an election period, and had to grapple with difficulties and uncertainties throughout the year.

Highlights

  • Net Sales (TL million)
  • In 2023, inflation-adjusted consolidated sales revenues amounted to TL 112 billion.
  • Gross Profit Margin (%)
  • Gross profit margin in the household appliances segment increased from 17.0% to 22.3% driven by lower raw material costs, positive impact of FX rates and strong growth in domestic sales.
  • EBITDA* and EBITDA Margin (TL million), (%)
  • EBITDA increased by 87% in real terms to TL 10.4 billion, while EBITDA margin rose to 9.3%.  
  • Net Profit (TL million)
  • Net profit materialized as TL 2.3 billion, with a net profit margin of 2.1%.

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