Turkcell’s consolidated revenues increased by 36.7% year-on-year to TRY10.7 billion (USD722 million) in the first quarter of 2022, driven mainly by Turkcell Turkey’s performance, while the group’s international and techfin segments, which grew by 101.4% and 58.5% y-o-y respectively, also supported growth. EBITDA increased by 30.1% to TRY4.3 billion, with an EBITDA margin of 40.2%. Three-month net profit stood at TRY803 million.
CEO Murat Erkan commented: ‘Challenging macroeconomic conditions caused by high inflation, increased energy and labour costs, disruptions to the supply chain all around the world, and international political risk from the Russia-Ukraine war stood out in the first quarter of 2022. And meanwhile, the effects of COVID-19 variants that unsettled the markets continued to be observed, despite being reduced by widespread vaccination programs. While the recovery in mobility started with the substantial easing of the COVID-19 restrictions in Turkey as of March, the main concerns that stood out in this quarter were the prevailing impact of currency depreciation in the last quarter of 2021 and the inflationary environment. Then, of course, we are deeply saddened by the humanitarian disaster resulting from the war that has been waged for the past two months in Ukraine, the home of our largest international subsidiary. Perceiving communication as a human right in all conditions, we continue the activities of our subsidiary lifecell [Ukraine], and ensure the continuity of our network for seamless communication. Prevailing conditions have made our company confront uncertainties. And yet we continued to improve our growth, managing operations effectively with our diversified business model and proactive risk management, which we implemented decisively in the first quarter of the year … These results, realised in line with our guidance, enabled us to take a strong step into a challenging 2022, which will be shaped within the framework of global political and economic uncertainties.’