| |
|
| |
The Board of Directors (Left to Right) |
| |
Ali Raif Dinçkök (Chairman) |
| |
Ömer Dinçkök (Deputy Chairman) |
|
 |
 |
|
We continued to grow in 2009
We, as Akkök Group, continued to grow in 2009 without compromising
the strategic plan we accepted as our business road map. In accordance
with this plan, our Group mainly focuses on the chemicals, energy,
real estate, textiles and port management sectors.
The impact of the crisis, which started in the last quarter of 2008 in the US and rapidly spread to the global financial markets, endured in the first quarter of 2009. Following an extended global recession and contraction, markets have entered a recovery process thanks to the comprehensive financial measures taken by governments of developed and developing countries.
The stimulus packages introduced to the local economies brought about positive outcomes particularly from the beginning of the third quarter
of the year.
The economies of the US, Japan and the EU countries, all considered as the driving forces of the global markets, turned out to be the most affected ones from the crisis in 2009. While Japan was able to achieve growth as late as the third quarter of 2009, the contraction trend in the EU continues. The US economy has entered a period of growth trend, albeit weak, in the second half of the year whereas countries such as India, and particularly Brazil, have come to the forefront as economies likely to steer the global markets in the future by maintaining high growth rates despite the crisis. Developing countries are expected to gradually enter into a process of gradual, yet permanent growth in the aftermath of the global stagnation. It is anticipated that the contraction in the global economy, which was realized as 1.1% in 2009, will give way to a 3% rate of growth in 2010.
Turkish economy, with its current financial structure strengthened through the reforms made in and experiences derived from
the 2001 crisis, was relatively less affected by the current global crisis. However, the actual impact of the crisis on the real
economy surfaced in 2009 and led to a dramatic contraction in almost all sectors. Turkish economy, after initial stagnation, shrank by
6.5% in the last quarter of 2008, ending an uninterrupted growth period of seven years. It then contracted by 3.3% in the third quarter of 2009,
resulting in an 8.4% decline during the entire nine-month period. Turkish economy, which had shrank by 4.7% by the end of 2009, has actually been
managing the crisis with success and has been performing above the anticipations of most experts. Prior to the crisis, our country had distinguished
itself among developing countries with its continuous high growth rate, and it now continues to maintain such potential. As a matter of fact,
international credit rating agencies, Moody’s and Fitch Ratings, increased Turkey’s credit rating and positively influenced the risk perception
of international investors regarding Turkey. With a GDP of US$ 615 billion, Turkey is the largest economy among the countries in its region.
In 2009, Turkey’s exports amounted to US$ 102 billion while its imports totaled US$ 141 billion. In 2010, a revival is expected in both domestic
and foreign demand for Turkish goods. Doubling its share in the world trade since 2000 with a rapid increase in its foreign trade volume,
Turkey currently has the 8th and 17th largest economy in Europe and in the world, respectively. Furthermore, Turkey’s industrial production, which has shown a decline since August 2008,
entered into a normalization period in October 2009 with an increase of 6.5% on a year-on-year basis.
Of notable concern, the high budget deficit and unemployment rate are expected to be the most critical problems of the Turkish economy in the forthcoming period.
As Akkök Group, we closely monitored the developments and assessed numerous risks that threatened the global and Turkish economies throughout the year. Without compromising our strategic plan that we have accepted as our business guide since 2005, we continued to grow in 2009. According to this strategic plan, our major business segments include the chemicals, energy, real estate, textiles, and port management sectors. In line with this perspective, we successfully sustain our orientation, investments and our pursuit of new collaborations. Despite the shrinking demand and reduced profitability encountered in some of our business lines, we continue to invest in the future by focusing on innovation, capacity increases, productivity growth, and strengthening our marketing operations. We have no doubt that in the forthcoming years, rapid growth and high profitability will be the reward for our long-term investments made in line with our strategic plan.
Creating value for our shareholders, business partners, stakeholders and the society as a whole, while utilizing the revenues of our operations to invest in social development, form the foundations of our managerial strategy. Within the context of our corporate governance approach, we consider sustainable development and social responsibility as indispensable concepts that shape all of our activities.
Having achieved its investment and growth targets for 2009, Akkök has continued to grow without compromising its corporate values of openness, transparency and trustworthiness. A large part of the credit for the success that we achieved despite worldwide adversities should be given to our employees. We thank all of our invaluable employees and managers that carry Akkök to the future. Furthermore, we would like to thank our economic and social stakeholders that have given their support and have greatly contributed to our work.
Ali Raif Dinçkök
Chairman
|
Ömer Dinçkök
Deputy Chairman |
 |
 |
|
|
|
|
|
|
