Turkish giant Koç multiplies in ten years
ISTANBUL - Radikal
Mustafa Koç, the chairman of Koç Group, poses for cameras after receiving an award.The Koç Group, run by Mustafa Koç since 2003, has expanded the size of its assets 683 percent and doubled the amount of employees under his thus far ten-year presidency, expanding in each sector he aimed to improve.
The conglomerate has come a long way in ten years, increasing the size of its assets from 13.7 billion Turkish Liras to 107.4 billion liras.
Revenues formerly peaking at 12.8 billion liras now surpass 70 billion and its profit over the past ten years has reached 13.4 billion liras.
Preserving its leading position in the sectors it dominates, the group conducted two major moves in the fields of energy and finance with the acquisitions of 57.4 percent of Yapı Kredi Bank in 2005 and 51 percent of Tüpraş in 2006. Additionally, some important sub-companies of the conglomerate, İzocam, Demirdöküm and part of Migros, were sold in 2006.
Last year, Koç registered $3 billion in total investment, and the consortium that includes Koç group along with Turkey’s Yıldız Holding and Malaysia’s UEM, won the tender for the privatization of Turkey’s toll roads and bridges with a bid of $5.72 billion liras as well.
The company recently agreed to construct six corvette war ships for around $1.5 billion.
Koç’s most recent move has been an agreement with the government to construct six corvette war ships for around $1.5 billion.