Turkcell Iletisim Hizmetleri: Second Quarter 2024 Results
Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC) (BIST:TCELL) released its Q2 2024 financial results, highlighting 'resilient results under inflationary pressures'. The report covers consolidated data for Turkcell and its subsidiaries, with four reporting segments: Turkcell Türkiye, Turkcell International, Techfin, and Other. Notably, Ukrainian operations (Lifecell, UkrTower, Global ) were classified as discontinued operations as of December 31, 2023. The financial data is presented in accordance with IFRS and IAS29, accounting for hyperinflationary economies. All figures are expressed in terms of the Turkish Lira's purchasing power as of June 30, 2024, with non-monetary items restated to reflect inflation impact.
Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC) (BIST:TCELL) ha rilasciato i suoi risultati finanziari del Q2 2024, evidenziando 'risultati resilienti sotto pressioni inflazionistiche'. Il rapporto copre i dati consolidati di Turkcell e delle sue sussidiarie, con quattro segmenti di reporting: Turkcell Türkiye, Turkcell International, Techfin e Altro. È importante notare che le operazioni ucraine (Lifecell, UkrTower, Global) sono state classificate come operazioni dismesse a partire dal 31 dicembre 2023. I dati finanziari sono presentati in conformità con gli IFRS e l'IAS29, che considerano le economie iperinflazionarie. Tutte le cifre sono espresse in base al potere d'acquisto della Lira turca al 30 giugno 2024, con elementi non monetari rivalutati per riflettere l'impatto dell'inflazione.
Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC) (BIST:TCELL) publicó sus resultados financieros del Q2 2024, destacando 'resultados resilientes bajo presiones inflacionarias'. El informe abarca datos consolidados de Turkcell y sus subsidiarias, con cuatro segmentos de reporte: Turkcell Türkiye, Turkcell International, Techfin y Otros. Cabe destacar que las operaciones en Ucrania (Lifecell, UkrTower, Global) fueron clasificadas como operaciones discontinuadas desde el 31 de diciembre de 2023. Los datos financieros se presentan de acuerdo con IFRS e IAS29, considerando las economías hiperinflacionarias. Todas las cifras están expresadas en términos del poder adquisitivo de la Lira turca a partir del 30 de junio de 2024, con elementos no monetarios reajustados para reflejar el impacto de la inflación.
Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC) (BIST:TCELL)가 2024년 2분기 재무 결과를 발표하며 '인플레이션 압박 속에서도 탄력적인 결과'를 강조했습니다. 이 보고서는 Turkcell 및 그 자회의 통합 데이터를 다루며, 네 개의 보고 부문: Turkcell Türkiye, Turkcell International, Techfin 및 기타로 나뉩니다. 특히, 우크라이나 운영(Лifecell, UkrTower, Global)은 2023년 12월 31일부터 중단된 운영으로 분류되었습니다. 재무 데이터는 하이퍼 인플레이션 경제를 반영하여 IFRS 및 IAS29에 따라 제시됩니다. 모든 수치는 2024년 6월 30일 기준 터키 리라의 구매력에 따라 표현되며, 비화폐 항목은 인플레이션의 영향을 반영하여 수정되었습니다.
Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC) (BIST:TCELL) a publié ses résultats financiers du T2 2024, mettant en avant des 'résultats résilients face à des pressions inflationnistes'. Le rapport couvre les données consolidées de Turkcell et de ses filiales, avec quatre segments de reporting : Turkcell Türkiye, Turkcell International, Techfin et Autre. Notamment, les opérations ukrainiennes (Lifecell, UkrTower, Global) ont été classées comme opérations abandonnées à compter du 31 décembre 2023. Les données financières sont présentées conformément aux IFRS et à l'IAS29, tenant compte des économies hyperinflationnaires. Tous les chiffres sont exprimés en fonction du pouvoir d'achat de la Lira turque au 30 juin 2024, les éléments non monétaires ayant été réajustés pour refléter l'impact de l'inflation.
Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC) (BIST:TCELL) hat seine Q2 2024 Finanzzahlen veröffentlicht und dabei 'resiliente Ergebnisse unter inflatorischen Druck' hervorgehoben. Der Bericht umfasst konsolidierte Daten von Turkcell und seinen Tochtergesellschaften mit vier Berichtsegmenten: Turkcell Türkiye, Turkcell International, Techfin und Sonstiges. Bemerkenswert ist, dass die ukrainischen Operationen (Lifecell, UkrTower, Global) seit dem 31. Dezember 2023 als aufgegebene Operationen klassifiziert wurden. Die finanziellen Daten werden gemäß IFRS und IAS29 präsentiert, wobei hyperinflationäre Volkswirtschaften berücksichtigt werden. Alle Zahlen sind in Bezug auf die Kaufkraft der Türkischen Lira zum 30. Juni 2024 ausgedrückt, wobei nicht-monetäre Posten angepasst wurden, um den Einfluss der Inflation zu berücksichtigen.
- Resilient financial performance despite inflationary pressures
- Diversified business segments including telecom, digital services, and financial services
- Classification of Ukrainian operations as discontinued, potentially impacting overall revenue
- Ongoing inflationary pressures in Turkey affecting financial reporting and potentially operational costs
Insights
Turkcell's Q2 2024 results demonstrate resilience amid inflationary pressures in Turkey. The company's multi-segment approach, including telecom, digital services and fintech, appears to be a strategic buffer against economic challenges. However, the classification of Ukrainian operations as discontinued suggests geopolitical risks are impacting the business.
The adoption of IAS 29 for hyperinflationary economies is important for accurate financial reporting, but it complicates year-over-year comparisons. Investors should focus on operational metrics and market share trends rather than raw financial figures to gauge true performance. The company's ability to maintain "resilient results" in this environment is noteworthy, but sustained profitability and growth remain uncertain in the face of ongoing economic pressures.
Turkcell's Q2 2024 results highlight the complex landscape of emerging market telecom operations. The company's focus on digital services and fintech diversification is a smart move in a saturated telecom market. However, the discontinuation of Ukrainian operations raises concerns about growth prospects in international markets.
The emphasis on "resilient results" suggests Turkcell is managing to navigate the challenging economic environment, but investors should watch for potential margin pressure due to inflationary costs. The company's ability to monetize data services and expand its digital ecosystem will be critical for future success. Keep an eye on ARPU trends and customer retention rates as key indicators of Turkcell's competitive position in the Turkish market.
“Resilient results under inflationary pressures”
- Please note that all financial data is consolidated and comprises that of Turkcell Iletisim Hizmetleri A.S. (the “Company” or “Turkcell”) and its subsidiaries and associates (together referred to as the “Group”) unless otherwise stated.
- We have four reporting segments:
- "Turkcell Türkiye," which comprises our telecom, digital services, and digital business services related businesses in Türkiye (as used in our previous releases in periods prior to Q115, this term covered only the mobile businesses). All non-financial data presented in this press release is unconsolidated and comprises Turkcell Türkiye only figures, unless otherwise stated. The terms "we," "us," and "our" in this press release refer only to Turkcell Türkiye, except in discussions of financial data, where such terms refer to the Group, and except where context otherwise requires.
-
“Turkcell International,” which comprises all of our telecom and digital services-related businesses outside of Türkiye (BeST and KKTCELL).
-
As of December 31, 2023, our Lifecell, UkrTower, and Global LLC operations in
Ukraine have been classified as a disposal group held for sale and as a discontinued operation.
-
As of December 31, 2023, our Lifecell, UkrTower, and Global LLC operations in
- “Techfin” which comprises all of our financial services businesses.
- “Other” which mainly comprises our non-group call center and energy businesses, retail channel operations, smart devices management, and consumer electronics sales through digital channels and intersegment eliminations.
-
Discontinued operations in
Ukraine include Lifecell LLC, LLC Global Bilgi, and LLC UkrTower.
- This press release provides a year-on-year comparison of our key indicators and figures in parentheses following the operational and financial results for June 30, 2024 refer to the same item as at and for the three months ended June 30, 2023. For further details, please refer to our consolidated financial statements and notes as at and for June 30, 2024, which can be accessed via our website in the investor relations section (www.turkcell.com.tr).
- Selected financial information presented in this press release for the second quarter and half year of 2023 and 2024 is based on IFRS figures in TRY terms unless otherwise stated.
- In the tables used in this press release, totals may not foot due to rounding differences. The same applies to the calculations in the text.
- Year-on-year percentage comparisons appearing in this press release reflect mathematical calculation.
NOTICE
This press release contains the Company’s financial information for the period ended June 30, 2024, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). This press release contains the Company’s financial information prepared in accordance with International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS29"). Therefore, the financial statement information included in this press release for the periods presented is expressed in terms of the purchasing power of the Turkish Lira as of June 30, 2024. The Company restated all non-monetary items in order to reflect the impact of the inflation restatement reporting in terms of the measuring unit current as of June 30, 2024. Comparative financial information has also been restated using the general price index of the current period. This release includes forward-looking statements within the meaning of Section 27A of the
Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements that may be expressed or implied by forward-looking statements. Should one or more of these risks or uncertainties materialize or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned, or projected.
These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance, or achievements to differ materially from our future results, performance, or achievements expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to us are expressly qualified in their entirety by reference to these cautionary statements. For a discussion of certain factors that may affect the outcome of such forward looking statements, see our Annual Report on Form 20-F for 2023 filed with the
The Company makes no representation as to the accuracy or completeness of the information contained in this press release, which remains subject to verification, completion, and change. No responsibility or liability is or will be accepted by the Company or any of its subsidiaries, board members, officers, employees, or agents as to or in relation to the accuracy or completeness of the information contained in this press release or any other written or oral information made available to any interested party or its advisers.
FINANCIAL HIGHLIGHTS
TRY million |
Q223 |
Q224 |
y/y% |
H123 |
H124 |
y/y% |
Revenue |
35,029 |
34,913 |
( |
64,915 |
68,326 |
|
EBITDA1 |
14,845 |
14,887 |
|
26,069 |
28,713 |
|
EBITDA Margin (%) |
|
|
0.2pp |
|
|
1.8pp |
EBIT2 |
4,960 |
4,681 |
( |
7,706 |
8,500 |
|
EBIT Margin (%) |
|
|
(0.8pp) |
|
|
0.5pp |
Net Income / (Loss) |
(820) |
2,904 |
n.m |
(1,112) |
5,760 |
n.m |
SECOND QUARTER HIGHLIGHTS
- Resilient financial results:
-
Group revenues down
0.3% year-on-year, primarily due to the inflated base effect of large-budget projects in the digital business services in the same period of last year
-
EBITDA up
0.3% leading to an EBITDA margin of42.6% ; EBIT declined5.6% resulting in an EBIT margin of13.4%
- Net income was positive at TRY 2.9 billion
-
Net leverage level at 0.6x; short FX position of
US $123 million
- Steady operational performance:
- Turkcell Türkiye subscriber base3 up by 346 thousand quarterly net additions; 679 thousand net additions in the first half of the year
-
477 thousand quarterly mobile postpaid net additions; postpaid subscribers share at
73%
- 42 thousand quarterly fiber net additions
- 54 thousand new fiber homepasses in Q224
-
Mobile ARPU4 growth of
5.3% ; fixed residential fiber ARPU growth of6.6%
- Data usage of 4.5G users at 19.6 GB in Q224
- Due to the upward trend in monthly inflation, which has surpassed expectations, and considering the year-end projections in Türkiye’s Medium-Term Program, we are currently reviewing our guidance5. We aim to provide an update, if needed, with our third-quarter results.
(1) EBITDA is a non-GAAP financial measure. See page 15 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.
(2) EBIT is a non-GAAP financial measure and is equal to EBITDA minus depreciation and amortization expenses.
(3) Including mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers
(4) Excluding M2M
(5) The guidance for the year 2024 includes the effects of implementing inflation accounting in accordance with IAS 29. Our 2024 guidance has been established using a certain number of assumptions regarding factors beyond our control, including in relation to macroeconomic indicators such as expected inflation levels. In particular, our 2024 guidance is based on an assumed annual inflation rate of
For further details, please refer to our consolidated financial statements and notes as at June 30, 2024, via our website in the Investor Relations section (www.turkcell.com.tr).
COMMENTS BY CEO, ALİ TAHA KOÇ, PhD
As Turkcell, the first and only Turkish company to be listed on the
In line with our strategy of creating value from our assets, we continuously evaluate our portfolio and take strategic actions when the right conditions are met. Accordingly, we initiated the sale process for our assets in
In the second quarter of 2024, the Central Bank of Türkiye's decision to keep the policy interest rate steady, meeting expectations, contributed to a balanced macroeconomic trajectory, while low foreign exchange rate volatility improved predictability in managing our financial risks. Annual inflation, which peaked with a
Our second quarter consolidated revenues were at TRY 34.9 billion, with EBITDA1 of TRY 14.9 billion, and an EBITDA Margin of
Successful operational results with the lowest mobile churn rate of the past six years
As in 2023, we observed a rational market until May of this year. Yet, after that, the mobile number portability (MNP) market was triggered due to aggressive pricing actions by competitors. As the leader in the mobile segment, we aim for sustainable growth and keep an eye on market rationalization. Although short-term actions leading to unsustainable performance are not among our priorities, we closely monitor changes in market dynamics.
With our customer-focused actions, superior service quality, and value propositions we gained net 474 thousand mobile subscribers in the first half of the year, 245 thousand being in the second quarter. Our postpaid subscriber base rose by a net of 477 thousand this quarter, where the additions of the past 12 months reached 1.8 million. Thanks to our sequential price adjustments, our postpaid subscriber base exceeding
In line with our strategy of offering innovative and comprehensive solutions based on our customers' needs, we continue to stand by them at all times. Within this scope, we have continued to offer the “Smart Control Service,” which we launched in the first quarter, free of charge. Additionally, we shared the spirit of our 30th anniversary with our customers through the “30th Anniversary Double Up Campaign.” Thanks to our subscriber retention strategy, supported by analytical models, as well as our innovative campaigns and services, our mobile churn rate decreased to
In fixed broadband services, we maintained our focus on fiber subscribers. As a result of strong demand for our high-speed, end-to-end fiber service, we gained net 42 thousand subscribers, bringing our fiber subscriber base to 2.4 million for the quarter. Our high-speed fiber internet packages, designed to meet our customers' growing speed requirements, have continued to attract interest. The rate of fiber subscribers opting for speeds of 100 Mbps and above increased to
The continued strong contribution of Techfin, one of our focus areas
Our techfin business, which we operate under the Financell3 and Paycell brands, continued to contribute significantly to the group growth this quarter. Financell's revenues grew by
We are progressing in line with our strategic goals
In the 30 years since our founding, we have not limited our investments to mobile and fixed infrastructures alone; we have also contributed to a wide range of areas, from people to things, the technology ecosystem to other industries, and from social responsibility to environmental sustainability. That's precisely why, in our 30th year, we say that, “Everything works with Turkcell, and Turkcell works with everyone.”
Meanwhile, in addition to our core focus on “leadership in telecommunications”, we also prioritize data center operations, renewable energy, artificial intelligence technologies, and cybersecurity to further strengthen our position as an “end-to-end technology provider”. And so, by building on our achievements, we will continue without pause to shape a future where technology enriches lives and drives progress.
I extend my heartfelt thanks to all our employees for their contributions to our success and express my gratitude to our Board of Directors for their continued support throughout this journey.
(1) EBITDA is a non-GAAP financial measure. See page 15 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income
(2) Excluding M2M
(3) Following the change in organizational structure, the revenues of Turkcell Sigorta Aracılık Hizmetleri A.Ş. (Insurance Agency), which was previously managed under Financell, are now classified as "Other" in the Techfin segment as of the first quarter of 2023.
(4) Including IPTV, OTT TV, fizy, lifebox and GAME+
FINANCIAL AND OPERATIONAL REVIEW
Financial Review of Turkcell Group
Profit & Loss Statement (million TRY) |
|
Quarter |
|
|
Half Year |
|
Q223 |
Q224 |
y/y% |
H123 |
H124 |
y/y% |
|
Revenue |
35,028.9 |
34,913.5 |
( |
64,915.1 |
68,326.4 |
|
Cost of revenue1 |
(17,243.0) |
(16,320.9) |
( |
(32,948.1) |
(32,525.4) |
( |
Cost of revenue1/Revenue |
( |
( |
2.5pp |
( |
( |
3.2pp |
Gross Margin1 |
|
|
2.5pp |
|
|
3.2pp |
Administrative expenses |
(901.5) |
(1,197.5) |
|
(1,894.6) |
(2,456.2) |
|
Administrative expenses/Revenue |
( |
( |
(0.8pp) |
( |
( |
(0.7pp) |
Selling and marketing expenses |
(1,678.0) |
(2,256.8) |
|
(3,250.4) |
(4,162.5) |
|
Selling and marketing expenses/Revenue |
( |
( |
(1.7pp) |
( |
( |
(1.1pp) |
Net impairment losses on financial and contract assets |
(361.5) |
(251.4) |
( |
(753.1) |
(469.2) |
( |
EBITDA2 |
14,844.8 |
14,886.9 |
|
26,069.0 |
28,713.2 |
|
EBITDA Margin |
|
|
0.2pp |
|
|
1.8pp |
Depreciation and amortization |
(9,884.9) |
(10,205.7) |
|
(18,362.7) |
(20,213.5) |
|
EBIT3 |
4,959.9 |
4,681.2 |
( |
7,706.3 |
8,499.7 |
|
EBIT Margin |
|
|
(0.8pp) |
|
|
0.5pp |
Net finance income / (costs) |
(5,482.4) |
(1,489.4) |
( |
(6,427.7) |
(1,315.1) |
( |
Finance income |
8,369.1 |
1,571.4 |
( |
9,947.7 |
4,089.2 |
( |
Finance costs |
(14,577.8) |
(4,265.0) |
( |
(16,621.8) |
(9,478.7) |
( |
Monetary gain / (loss) |
726.3 |
1,204.2 |
|
246.4 |
4,074.3 |
1, |
Other income / (expenses) |
158.0 |
(210.0) |
( |
(94.3) |
(446.8) |
|
Non-controlling interests |
1.6 |
1.3 |
( |
1.9 |
7.2 |
|
Share of profit of equity accounted investees |
(221.2) |
(761.9) |
|
(119.3) |
(822.5) |
|
Income tax expense |
(935.1) |
155.1 |
n.m |
(3,449.2) |
(1,276.3) |
( |
Profit /(loss) from discontinued operations |
698.8 |
528.1 |
( |
1,269.9 |
1,114.1 |
( |
Net Income |
(820.4) |
2,904.3 |
n.m |
(1,112.4) |
5,760.3 |
n.m |
(1) Excluding depreciation and amortization expenses.
(2) EBITDA is a non-GAAP financial measure. See page 15 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.
(3) EBIT is a non-GAAP financial measure and is equal to EBITDA minus depreciation and amortization expenses.
Revenue of the Group decreased by
Turkcell Türkiye revenues, comprising
- Consumer segment4 revenues grew
- Corporate segment4 revenues decreased by
- Standalone digital services revenues across consumer and corporate segments grew
- Wholesale revenues down
(4) Following the change in organizational structure, the revenues from sole proprietorship subscribers that we define as Merchant, which were previously managed under the Corporate segment, are being reported under the Consumer segment as of and from the third quarter of 2023. Within this scope, past data has been revised for comparative purposes.
Turkcell International1 revenues, comprising
Techfin segment revenues, comprising
Other subsidiaries' revenues, at
Cost of revenue (excluding depreciation and amortization) decreased to
Administrative Expenses increased to
Selling and Marketing Expenses increased to
Net impairment losses on financial and contract assets decreased to
EBITDA2 rose
- Turkcell Türkiye’s EBITDA increased
- Turkcell International EBITDA declined
- Techfin segment EBITDA decreased
- The EBITDA of other subsidiaries was at negative TRY162 million (TRY426 million).
Depreciation and amortization expenses increased
Net finance expense of TRY1,489 million (TRY5,482 million) was recorded for Q224, including a TRY1.2 billion monetary gain and net FX losses of TRY2.0 billion.
See Appendix A for details of net foreign exchange gain and loss.
Other expenses decreased to TRY210 million (positive TRY158 million) in Q224.
Income tax expense was positive TRY155 million (TRY935 million) due mainly to deferred tax income and lower corporate tax compared to the previous year.
Profit /(loss) from discontinued operations of TRY528 million (TRY699 million) was recorded in Q224.
Net income of the Group was TRY2.9 billion (negative TRY871 million) in Q224. This resulted mainly from a strong performance at the EBITDA levels, as well as lower FX losses due to stabilized FX rates and the hedging strategy.
Total cash & debt: Consolidated cash as of June 30, 2024, decreased to TRY50,189 million compared to TRY62,341 million as of December 31, 2023. Excluding FX swap transactions,
(1) As of December 31, 2023, our Lifecell, UkrTower, and Global LLC operations in
(2) EBITDA is a non-GAAP financial measure. See page 15 for the explanation of how we calculate adjusted EBITDA and its reconciliation to net income.
Consolidated debt as of June 30, 2024, decreased to TRY99,191 million from TRY104,882 million as of December 31, 2023. TRY3,051 million of our consolidated debt is comprised of lease obligations. Please note that
Net debt1 as of June 30, 2024, increased to TRY32,400 million from TRY29,691 million as of December 31, 2023, with a net debt to EBITDA ratio of 0.6x times.
Turkcell Group had a short FX position of
Capital expenditures: Capital expenditures, including non-operational items, were at TRY10,690 million in Q224.
Operational capital expenditures (excluding license fees) at the Group level were at
Capital expenditures (million TRY) |
Quarter |
Half Year |
||
Q2232 |
Q2243 |
H1232 |
H1243 |
|
Operational Capex |
6,996.5 |
7,870.0 |
13,405.6 |
14,384.9 |
License and Related Costs |
4,631.9 |
7.1 |
4,658.7 |
15.2 |
Non-operational Capex (Including IFRS15 & IFRS16) |
2,715.1 |
2,812.5 |
6,492.2 |
3,678.7 |
Total Capex |
14,343.5 |
10,689.6 |
24,556.6 |
18,078.8 |
(1) Starting from Q421, we have revised the definition of our net debt calculation to include "financial assets” reported under current and non-current assets. Required reserves held in CBRT balances are also considered in net debt calculation. We believe that these assets are highly liquid and can be easily converted to cash without significant change in value.
(2) Including Ukraine operations
(3) Excluding Ukraine operations
Operational Review of Turkcell Türkiye
Summary of Operational Data |
Q223 |
Q124 |
Q224 |
y/y % |
q/q % |
Number of subscribers (million)1 |
42.0 |
42.8 |
43.2 |
|
|
Mobile Postpaid (million) |
26.3 |
27.6 |
28.1 |
|
|
Mobile M2M (million) |
4.2 |
4.6 |
4.7 |
|
|
Mobile Prepaid (million) |
11.3 |
10.6 |
10.4 |
( |
( |
Fiber (thousand) |
2,199.8 |
2,338.6 |
2,380.3 |
|
|
ADSL (thousand) |
754.4 |
762.3 |
767.8 |
|
|
Superbox (thousand)2 |
703.4 |
737.6 |
746.4 |
|
|
Cable (thousand) |
40.2 |
39.2 |
38.1 |
( |
( |
IPTV (thousand) |
1,344.2 |
1,450.1 |
1,484.4 |
|
|
Churn (%)3 |
|
|
|
|
|
Mobile Churn (%) |
|
|
|
(0.4pp) |
- |
Fixed Churn (%) |
|
|
|
(0.2pp) |
(0.1pp) |
Average mobile data usage per user (GB/user) |
16.5 |
17.8 |
18.6 |
|
|
(1) Including mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers
(2) Superbox subscribers are included in mobile subscribers.
(3) Churn figures represent average monthly churn figures for the respective quarters.
ARPU (Average Monthly Revenue per User) (TRY) |
Q223 |
Q124 |
Q224 |
y/y % |
q/q % |
Mobile ARPU, blended |
202.1 |
195.4 |
210.0 |
|
|
Mobile ARPU, blended (excluding M2M) |
225.6 |
220.1 |
237.6 |
|
|
Postpaid |
235.4 |
225.4 |
241.5 |
|
|
Postpaid (excluding M2M) |
277.5 |
267.8 |
287.9 |
|
|
Prepaid |
126.1 |
118.5 |
126.1 |
- |
|
Fixed Residential ARPU, blended |
243.8 |
248.2 |
259.8 |
|
|
Residential Fiber ARPU |
247.0 |
251.4 |
263.4 |
|
|
Turkcell Türkiye's subscriber base continued its expansion, reaching 43.2 million with a net addition of 346 thousand during the second quarter, largely due to additions in postpaid subscribers. Thanks to our postpaid subscriber focus and successful switch performance, we managed to record a total of 948 thousand postpaid subscriber net additions in the first half of the year.
On the mobile front, our subscriber base reached 38.5 million on 245 thousand quarterly net additions in Q224, driven mainly by 477 thousand net quarterly additions to our postpaid subscriber base. Accordingly, our postpaid subscribers reached
In the fixed business, our subscriber base expanded to 3.2 million, with a net addition of 46 thousand during the quarter due to our focus on the fiber side, rising demand for pure fiber service, and high-speed packages. Our fiber subscriber base grew by 42 thousand in this quarter. Our residential fiber ARPU growth was
TURKCELL INTERNATIONAL
BeST1 |
|
Quarter |
|
|
Half Year |
|
Q223 |
Q224 |
y/y% |
H123 |
H124 |
y/y% |
|
Number of subscribers (million) |
1.5 |
1.5 |
- |
1.5 |
1.5 |
- |
Active (3 months) |
1.2 |
1.2 |
- |
1.2 |
1.2 |
- |
Revenue (million BYN) |
42.6 |
52.1 |
|
81.9 |
100.9 |
|
EBITDA (million BYN) |
19.8 |
25.0 |
|
38.0 |
49.1 |
|
EBITDA margin (%) |
|
|
1.5pp |
|
|
2.4pp |
Net income / (loss) (million BYN) |
(8.9) |
2.6 |
n.m |
(18.1) |
(2.3) |
( |
Capex (million BYN) |
13.7 |
26.4 |
|
32.5 |
51.8 |
|
Revenue (million TRY) |
487.5 |
484.4 |
( |
979.6 |
991.3 |
|
EBITDA (million TRY) |
225.8 |
231.4 |
|
453.5 |
482.6 |
|
EBITDA margin (%) |
|
|
1.5pp |
|
|
2.4pp |
Net income / (loss) (million TRY) |
(104.6) |
30.5 |
n.m |
(219.3) |
(20.5) |
( |
(1) BeST, in which we hold a
BeST revenues increased
BeST continued to offer LTE services to all six regions, encompassing 4.3 thousand sites in Q224. Enhanced LTE coverage has enabled BeST to expand its 4G subscriber base. Accordingly, 4G users reached
Kuzey Kıbrıs Turkcell2 (million TRY) |
|
Quarter |
|
|
Half Year |
|
Q223 |
Q224 |
y/y% |
H123 |
H124 |
y/y% |
|
Number of subscribers (million) |
0.6 |
0.6 |
- |
0.6 |
0.6 |
- |
Revenue |
326.6 |
367.3 |
|
631.8 |
693.2 |
|
EBITDA |
122.9 |
121.2 |
( |
222.3 |
209.6 |
( |
EBITDA margin (%) |
|
|
(4.6pp) |
|
|
(5.0pp) |
Net income |
(602.4) |
(328.4) |
( |
(210.6) |
184.6 |
n.m |
(2) Kuzey Kıbrıs Turkcell, in which we hold a
Kuzey Kıbrıs Turkcell revenues rose
TECHFIN
Paycell Financial Data (million TRY) |
|
Quarter |
|
|
Half Year |
|
Q223 |
Q224 |
y/y% |
H123 |
H124 |
y/y% |
|
Revenue |
694.4 |
804.1 |
|
1,248.4 |
1,542.3 |
|
EBITDA |
340.6 |
389.4 |
|
574.7 |
734.3 |
|
EBITDA margin (%) |
|
|
(0.7pp) |
|
|
1.6pp |
Net income |
147.7 |
175.0 |
|
70.0 |
255.3 |
|
Paycell’s revenue rose by
Pay Later service transaction volume (non-group) increased by
Financell1 Financial Data (million TRY) |
|
Quarter |
|
|
Half Year |
|
Q223 |
Q224 |
y/y% |
H123 |
H124 |
y/y% |
|
Revenue |
707.3 |
947.3 |
|
1,301.8 |
1,859.7 |
|
EBITDA |
331.6 |
133.4 |
( |
581.5 |
235.0 |
( |
EBITDA margin (%) |
|
|
(32.8pp) |
|
|
(32.1pp) |
Net income |
126.8 |
(38.2) |
( |
(25.4) |
(140.4) |
|
(1) Following the change in the organizational structure, the revenues of Turkcell Sigorta Aracılık Hizmetleri A.Ş. (Insurance Agency), which was previously managed under Financell, have been classified from Financell to "Other" in the Techfin segment as of the first quarter of 2023.
Financell’s revenues rose by
Financell’s loan portfolio was at TRY6.3 billion in Q224, with loans provided to approximately 31 thousand corporate customers. Financell’s cost of risk was at
Turkcell Group Subscribers
Turkcell Group registered subscribers amounted to approximately 56.6 million as of June 30, 2024. This figure is calculated by taking the number of subscribers of Turkcell Türkiye, and of each of our subsidiaries. It includes the total number of mobile, fiber, ADSL, cable, and IPTV subscribers of Turkcell Türkiye and the mobile subscribers of lifecell*, BeST, and Kuzey Kıbrıs Turkcell.
Turkcell Group Subscribers |
Q223 |
Q124 |
Q224 |
y/y% |
q/q% |
Turkcell Türkiye subscribers1 (million) |
42.0 |
42.8 |
43.2 |
|
|
BeST ( |
1.5 |
1.5 |
1.5 |
- |
- |
Kuzey Kıbrıs Turkcell |
0.6 |
0.6 |
0.6 |
- |
- |
Discontinued operations – lifecell ( |
11.1 |
11.3 |
11.3 |
|
- |
Turkcell Group Subscribers (million) |
55.2 |
56.2 |
56.6 |
|
|
(1) Subscribers to more than one service are counted separately for each service. Including mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers
*Discontinued operations
DISCONTINUED OPERATIONS – lifecell (
lifecell1 Financial Data |
|
Quarter |
|
|
Half Year |
|
Q223 |
Q224 |
y/y% |
H123 |
H124 |
y/y% |
|
Revenue (million UAH) |
2,903.2 |
3,215.3 |
|
5,590.6 |
6,335.8 |
|
EBITDA (million UAH) |
1,715.1 |
1,776.2 |
|
3,320.1 |
3,473.0 |
|
EBITDA margin (%) |
|
|
(3.9pp) |
|
|
(4.6pp) |
Net income / (loss) (million UAH) |
611.5 |
630.2 |
|
1,127.2 |
1,212.9 |
|
Capex (million UAH) |
1,445.6 |
1,127.4 |
( |
2,083.6 |
2,135.6 |
|
Revenue (million TRY) |
2,672.0 |
2,390.6 |
( |
5,204.0 |
5,112.2 |
( |
EBITDA (million TRY) |
1,577.7 |
1,321.8 |
( |
3,089.9 |
2,801.6 |
( |
EBITDA margin (%) |
|
|
(3.7pp) |
|
|
(4.6pp) |
Net income / (loss) (million TRY) |
565.4 |
469.8 |
( |
1,051.7 |
978.0 |
( |
(1) Since July 10, 2015, we hold a
lifecell (
In TRY terms, lifecell’s revenue decreased by
OVERVIEW OF THE MACROECONOMIC ENVIRONMENT
The foreign exchange rates used in our financial reporting, along with certain macroeconomic indicators, are set out below.
|
|
Quarter |
|
|
Half Year |
|||||||
|
Q223 |
Q124 |
Q224 |
y/y% |
q/q% |
H123 |
H124 |
y/y% |
||||
GDP Growth (Türkiye) |
|
|
|
(2.1pp) |
(2.8pp) |
|
|
(0.8pp) |
||||
Consumer Price Index (Türkiye)(yoy) |
|
|
|
33.4pp |
3.1pp |
|
|
33.4pp |
||||
US$ / TRY rate |
|
|
|
|
|
|
|
|
||||
Closing Rate |
25.8231 |
32.2854 |
32.8262 |
|
|
25.8231 |
32.8262 |
|
||||
Average Rate |
20.7406 |
30.7624 |
32.3812 |
|
|
19.7991 |
31.5718 |
|
||||
EUR / TRY rate |
|
|
|
|
|
|
|
|
||||
Closing Rate |
28.1540 |
34.8023 |
35.1284 |
|
|
28.1540 |
35.1284 |
|
||||
Average Rate |
22.5331 |
33.3856 |
34.8265 |
|
|
21.3877 |
34.1060 |
|
||||
US$ / UAH rate |
|
|
|
|
|
|
|
|
||||
Closing Rate |
36.5686 |
39.2214 |
40.5374 |
|
|
36.5686 |
40.5374 |
|
||||
Average Rate |
36.5686 |
38.2281 |
40.0161 |
|
|
36.5686 |
39.1221 |
|
||||
US$ / BYN rate |
|
|
|
|
|
|
|
|
||||
Closing Rate |
3.0315 |
3.2498 |
3.1624 |
|
( |
3.0315 |
3.1624 |
|
||||
Average Rate |
2.9308 |
3.2100 |
3.2221 |
|
|
2.8407 |
3.2160 |
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS: We believe Adjusted EBITDA, among other measures, facilitates performance comparisons from period to period and management decision making. It also facilitates performance comparisons from company to company. Adjusted EBITDA as a performance measure eliminates potential differences caused by variations in capital structures (affecting interest expense), tax positions (such as the impact of changes in effective tax rates on periods or companies) and the age and book depreciation of tangible and intangible assets (affecting relative depreciation expense and amortization expense). We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties in evaluating the performance of other mobile operators in the telecommunications industry in
Our Adjusted EBITDA definition includes Revenue, Cost of Revenue excluding depreciation and amortization, Selling and Marketing expenses, Administrative expenses and Net impairment losses on financial and contract assets, but excludes finance income and expense, other operating income and expense, investment activity income and expense, share of profit of equity accounted investees and minority interest.
Nevertheless, Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for analysis of our results of operations, as reported under IFRS. The following table provides a reconciliation of Adjusted EBITDA, as calculated using financial data prepared in accordance with IFRS to net profit, which we believe is the most directly comparable financial measure calculated and presented in accordance with IFRS.
Turkcell Group (million TRY) |
|
Quarter |
|
|
Half Year |
|
Q223 |
Q224 |
y/y% |
H123 |
H124 |
y/y% |
|
Consolidated profit before minority interest |
(821.9) |
2,903.0 |
n.m |
(1,114.3) |
5,753.1 |
n.m |
Profit /(loss) from discontinued operations |
698.8 |
528.1 |
( |
1,269.9 |
1,114.1 |
( |
Income tax expense |
(935.1) |
155.1 |
n.m |
(3,449.2) |
(1,276.3) |
( |
Consolidated profit before income tax & minority interest |
(585.6) |
2,219.9 |
n.m |
1,065.0 |
5,915.3 |
|
Share of profit of equity accounted investees |
(221.2) |
(761.9) |
|
(119.3) |
(822.5) |
|
Finance income |
8,369.1 |
(1,848.4) |
( |
9,947.7 |
4,089.2 |
( |
Finance costs |
(14,577.8) |
(845.2) |
( |
(16,621.8) |
(9,478.7) |
( |
Monetary gain / (loss) |
726.3 |
1,204.2 |
|
246.4 |
4,074.3 |
1, |
Other income / (expenses) |
158.0 |
(210.0) |
( |
(94.3) |
(446.8) |
|
EBIT |
4,959.9 |
4,681.2 |
( |
7,706.3 |
8,499.7 |
|
Depreciation and amortization |
(9,884.9) |
(10,205.7) |
|
(18,362.7) |
(20,213.5) |
|
Adjusted EBITDA |
14,844.8 |
14,886.9 |
|
26,069.0 |
28,713.2 |
|
RECONCILIATION OF ARPU: ARPU is an operational measurement tool and the methodology for calculating performance measures such as ARPU varies substantially among operators and is not standardized across the telecommunications industry, and reported performance measures thus vary from those that may result from the use of a single methodology. Management believes this measure is helpful in assessing the development of our services over time. The following table shows the reconciliation of Turkcell Türkiye revenues to such revenues included in the ARPU calculations for Q2 2023 and Q2 2024.
Reconciliation of ARPU |
Q223 |
Q224 |
Turkcell Türkiye Revenue (million TRY) |
29,969.0 |
30,433.4 |
Telecommunication services revenue |
27,564.4 |
29,288.7 |
Equipment revenue |
2,223.6 |
809.1 |
Other* |
181.0 |
335.6 |
Revenues which are not attributed to ARPU calculation1 |
(5,121.9) |
(3,679.7) |
Turkcell Türkiye revenues included in ARPU calculation2 |
24,666.1 |
26,418.2 |
Mobile blended ARPU (TRY) |
202.1 |
210.0 |
Average number of mobile subscribers during the year (million) |
37.5 |
38.4 |
Fixed residential ARPU (TRY) |
243.8 |
259.8 |
Average number of fixed residential subscribers during the year (million) |
2.6 |
2.9 |
(1) Revenue from fixed corporate and wholesale business; digital business sales; tower business, and other non-subscriber-based revenues
(2) Revenues from Turkcell Türkiye included in ARPU calculation comprise telecommunication services revenue, equipment revenue and revenues which are not attributed to ARPU calculation.
*Including call center revenues
ABOUT TURKCELL: Turkcell is a digital operator headquartered in Türkiye, serving its customers with its unique portfolio of digital services along with voice, messaging, data, and IPTV services on its mobile and fixed networks. Turkcell Group companies operate in 4 countries – Türkiye,
Appendix A – Tables
Table: Net foreign exchange gain and loss details
Million TRY |
|
Quarter |
|
|
Half Year |
|
Q223 |
Q224 |
y/y% |
H123 |
H124 |
y/y% |
|
Net FX loss before hedging |
(12,639.4) |
(745.2) |
( |
(13,093.0) |
(3,656.0) |
( |
Swap interest income/(expense) |
204.8 |
110.8 |
( |
302.2 |
310.9 |
|
Fair value gain on derivative financial instruments |
4,363.1 |
(1,372.3) |
( |
4,142.1 |
(1,162.1) |
( |
Net FX gain / (loss) after hedging |
(8,071.4) |
(2,006.7) |
( |
(8,648.7) |
(4,507.2) |
( |
Table: Income tax expense details
Million TRY |
|
Quarter |
|
|
Half Year |
|
Q223 |
Q224 |
y/y% |
H123 |
H124 |
y/y% |
|
Current tax expense |
(324.6) |
(112.0) |
( |
(877.8) |
(160.4) |
( |
Deferred tax income / (expense) |
(610.5) |
267.0 |
n.m |
(2,571.4) |
(1,115.9) |
( |
Income Tax expense |
(935.1) |
155.1 |
n.m |
(3,449.2) |
(1,276.3) |
( |
TURKCELL ILETISIM HIZMETLERI A.S.
|
|||||
Quarter Ended |
Quarter Ended |
Half Ended |
Half Ended |
||
June 30, |
June 30, |
June 30, |
June 30, |
||
2023 |
2024 |
2023 |
2024 |
||
Consolidated Statement of Operations Data | |||||
Turkcell Turkey | 29,969.0 |
30,433.4 |
55,395.5 |
59,177.9 |
|
Turkcell International | 866.6 |
889.7 |
1,731.1 |
1,773.3 |
|
Fintech | 1,421.0 |
1,754.5 |
2,562.6 |
3,394.5 |
|
Other | 2,772.3 |
1,835.8 |
5,225.9 |
3,980.7 |
|
Total revenue | 35,028.9 |
34,913.5 |
64,915.1 |
68,326.4 |
|
Total cost of revenue | (27,128.0) |
(26,526.5) |
(51,310.8) |
(52,738.8) |
|
Total gross profit | 7,900.9 |
8,386.9 |
13,604.4 |
15,587.5 |
|
Administrative expenses | (901.4) |
(1,197.5) |
(1,894.6) |
(2,456.2) |
|
Selling & marketing expenses | (1,678.0) |
(2,256.8) |
(3,250.4) |
(4,162.5) |
|
Other Income / (Expense) | 158.0 |
(210.0) |
(94.3) |
(446.8) |
|
Net impairment loses on financial and contract assets | (361.5) |
(251.4) |
(753.1) |
(469.2) |
|
Operating profit | 5,118.0 |
4,471.2 |
7,612.0 |
8,052.9 |
|
Finance costs | (14,577.8) |
(4,265.0) |
(16,621.8) |
(9,478.7) |
|
Finance income | 8,369.1 |
1,571.4 |
9,947.7 |
4,089.2 |
|
Monetary gain (loss) | 726.3 |
1,204.2 |
246.4 |
4,074.3 |
|
Share of profit of an associate and a joint venture | (221.2) |
(761.9) |
(119.3) |
(822.5) |
|
Profit before income tax from continuing operations | (585.6) |
2,219.9 |
1,065.1 |
5,915.3 |
|
Income tax income/ (expense) | (935.1) |
155.1 |
(3,449.2) |
(1,276.3) |
|
Profit for the year from continuing operations | (1,520.7) |
2,375.0 |
(2,384.2) |
4,639.0 |
|
Profit /(loss) from discontinued operations | 698.8 |
528.1 |
1,269.9 |
1,114.1 |
|
Profit for the year | (821.9) |
2,903.0 |
(1,114.3) |
5,753.1 |
|
Non-controlling interests | 1.6 |
1.3 |
1.9 |
7.2 |
|
Owners of the Company | (820.4) |
2,904.3 |
(1,112.4) |
5,760.3 |
|
Basic and diluted earnings per share for profit attributable to owners of the Company (in full TRY) | (0.4) |
1.3 |
(0.5) |
2.6 |
|
Basic and diluted earnings per share for profit from continuing operations attributable to owners of the Company (in full TRY) | (0.7) |
1.1 |
(1.1) |
2.1 |
|
Other Financial Data | |||||
Gross margin |
|
|
|
|
|
EBITDA(*) | 14,844.8 |
14,886.9 |
26,069.0 |
28,713.2 |
|
Total capex | 14,343.5 |
10,689.6 |
24,556.6 |
20,899.1 |
|
Operational capex | 6,996.5 |
7,870.0 |
13,405.6 |
14,384.9 |
|
Licence and related costs | 4,631.9 |
7.1 |
4,658.7 |
15.2 |
|
Non-operational capex | 2,715.1 |
2,812.5 |
6,492.2 |
6,499.0 |
|
Consolidated Balance Sheet Data (at period end) | December 31, 2023 | June 30, 2024 | |||
Cash and cash equivalents | 62,340.7 |
50,189.4 |
|||
Total assets | 308,198.4 |
299,714.0 |
|||
Long term debt | 72,279.5 |
64,033.2 |
|||
Total debt | 104,882.1 |
99,190.7 |
|||
Total liabilities | 155,729.2 |
147,423.4 |
|||
Total shareholders’ equity / Net Assets | 152,469.2 |
152,290.6 |
|||
(*) Please refer to the notes on reconciliation of Non-GAAP Financial measures on page 15 For further details, please refer to our consolidated financial statements and notes as at June 30, 2024, on our website |
|||||
TURKCELL ILETISIM HIZMETLERI A.S.
|
|||||
Quarter Ended |
Quarter Ended |
Half Ended |
Half Ended |
||
June 30, |
June 30, |
June 30, |
June 30, |
||
2023 |
2024 |
2023 |
2024 |
||
Consolidated Statement of Operations Data | |||||
Turkcell Turkey | 29,969.0 |
30,433.4 |
55,395.5 |
59,177.9 |
|
Turkcell International | 866.6 |
889.7 |
1,731.1 |
1,773.3 |
|
Fintech | 1,421.0 |
1,754.5 |
2,562.6 |
3,394.5 |
|
Other | 2,772.3 |
1,835.8 |
5,225.9 |
3,980.7 |
|
Total revenues | 35,028.9 |
34,913.5 |
64,915.1 |
68,326.4 |
|
Direct cost of revenues | (27,128.0) |
(26,526.5) |
(51,310.8) |
(52,738.8) |
|
Gross profit | 7,900.9 |
8,386.9 |
13,604.4 |
15,587.5 |
|
Administrative expenses | (901.4) |
(1,197.5) |
(1,894.6) |
(2,456.2) |
|
Selling & marketing expenses | (1,678.0) |
(2,256.8) |
(3,250.4) |
(4,162.5) |
|
Other operating income | 9,782.0 |
2,171.6 |
12,022.0 |
6,089.7 |
|
Other operating expense | (440.1) |
(383.9) |
(735.7) |
(914.4) |
|
Operating profit | 14,663.3 |
6,720.3 |
19,745.6 |
14,144.2 |
|
Impairment losses determined in accordance with TFRS 9 | (361.5) |
(251.4) |
(753.1) |
(469.2) |
|
Income from investing activities | 5,006.0 |
476.8 |
5,934.1 |
1,695.2 |
|
Expense from investing activities | 2.0 |
(46.6) |
(112.7) |
(87.8) |
|
Share on profit of investments valued by equity method | (221.2) |
(761.9) |
(119.3) |
(822.5) |
|
Income before financing costs | 19,088.7 |
6,137.2 |
24,694.8 |
14,459.9 |
|
Finance income | 4,458.4 |
(255.9) |
4,467.1 |
359.4 |
|
Finance expense | (24,859.0) |
(4,865.6) |
(28,343.2) |
(12,978.4) |
|
Monetary gain (loss) | 726.3 |
1,204.2 |
246.4 |
4,074.3 |
|
Income from continuing operations before tax and non-controlling interest | (585.6) |
2,219.9 |
1,065.1 |
5,915.3 |
|
Tax income (expense) from continuing operations | (935.1) |
155.1 |
(3,449.2) |
(1,276.3) |
|
Profit from continuing operations | (1,520.7) |
2,375.0 |
(2,384.2) |
4,639.0 |
|
Profit /(loss) from discontinued operations | 698.8 |
528.1 |
1,269.9 |
1,114.1 |
|
Profit for the period | (821.9) |
2,903.0 |
(1,114.3) |
5,753.1 |
|
Non-controlling interest | 1.6 |
1.3 |
1.9 |
7.2 |
|
Owners of the Parent | (820.4) |
2,904.3 |
(1,112.4) |
5,760.3 |
|
Earnings per share | (0.4) |
1.3 |
(0.5) |
2.6 |
|
Earnings per share from discontinued operations | (0.7) |
1.1 |
(1.1) |
2.1 |
|
Earnings per share from continuing operation | 0.3 |
0.2 |
0.6 |
0.5 |
|
Other Financial Data | |||||
Gross margin |
|
|
|
|
|
EBITDA(*) | 14,844.8 |
14,886.9 |
26,069.0 |
28,713.2 |
|
Total capex | 14,343.5 |
10,689.6 |
24,556.6 |
20,899.1 |
|
Operational capex | 6,996.5 |
7,870.0 |
13,405.6 |
14,384.9 |
|
Licence and related costs | 4,631.9 |
7.1 |
4,658.7 |
15.2 |
|
Non-operational capex | 2,715.1 |
2,812.5 |
6,492.2 |
6,499.0 |
|
Consolidated Balance Sheet Data (at period end) | December 31, 2023 | June 30, 2024 | |||
Cash and cash equivalents | 62,340.7 |
50,189.4 |
|||
Total assets | 308,198.4 |
299,714.0 |
|||
Long term debt | 72,279.5 |
64,033.2 |
|||
Total debt | 104,882.1 |
99,190.7 |
|||
Total liabilities | 155,729.2 |
147,423.4 |
|||
Total shareholders’ equity / Net Assets | 152,469.2 |
152,290.6 |
|||
(*) Please refer to the notes on reconciliation of Non-GAAP Financial measures on page 15 For further details, please refer to our consolidated financial statements and notes as at June 30, 2024, on our website |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240912944122/en/
For further information please contact Turkcell
Investor Relations
Tel: + 90 212 313 1888
investor.relations@turkcell.com.tr
Corporate Communications:
Tel: + 90 212 313 2321
Turkcell-Kurumsal-Iletisim@turkcell.com.tr
Source: Turkcell
FAQ
What were Turkcell's (TKC) main financial highlights for Q2 2024?
How has Turkcell (TKC) addressed the hyperinflationary economy in Turkey in its Q2 2024 report?
What happened to Turkcell's (TKC) Ukrainian operations in the Q2 2024 report?