Yünsa Achieved a Net Profit of 544 Million Turkish Liras
Yünsa, one of the world’s top five high-end wool fabric manufacturers, has announced its financial results for the year 2023. According to the financial results for 2023, which include Turkish Accounting Standard 29 (TMS 29), Yünsa, Europe’s largest integrated wool fabric manufacturer, achieved an annual net profit of 544 million Turkish lira.
According to the TMS 29 Financial Reporting in High Inflationary Economies, Yünsa’s revenue reached 2.2 billion TL in 2023 after applying inflation accounting.
In 2023, Yünsa demonstrated strong performance with a robust sales channel portfolio, effective pricing policies, and high brand awareness. Through the company’s cost-focused approach and effective financial management, it achieved a net profit of 544 million TL. The net profit margin increased by 2 points compared to 2022, reaching 25%.
Excluding the effect of inflation accounting, Yünsa generated a net profit of 565.4 million TL in 2023. According to the results prepared with the TMS 29 inflation accounting, the company’s net profit was realized as 544.2 million TL.
Yünsa’s gross profit for 2023, based on results with TMS 29 applied, reached 635.8 million TL, with a gross profit margin of 29%, representing a 1-point increase from the previous period. The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) created in 2023 reached 515.0 million TL after applying inflation accounting standards, with an EBITDA margin of 24%, which increased by 2 points compared to 2022.
Without applying TMS 29, Yünsa’s gross profit for 2023 reached 731.3 million TL, with a gross profit margin of 42%, representing a 4-point increase from the previous period. The company’s EBITDA created in 2023 reached 594.8 million TL before applying inflation accounting standards, with an EBITDA margin of 34%, which increased by 3 points compared to 2022.
“We are Taking Firm Steps Forward Toward Our Goal of Becoming the World’s Leading Woolen Fabric Brand by 2030”
Mustafa Sürmegöz, Chairman of the Board of Directors of Yünsa, expressed great pride in shaping fashion with more than 400 global brands in over 50 countries through collaborations. Sürmegöz stated in his assessment of the company’s 2023 financial results: “In the challenging year of 2023, marked by fluctuations in the global economies, ongoing wars in our immediate vicinity, and the catastrophe of the century that shook our country, we saw the benefits of managing our balance sheets, cash flows, and liquidity with discipline. Thanks to our visionary management approach, strong partnerships, and the dedicated efforts of our colleagues, we increased our revenue to 2.2 billion TL and our net profit to 544 million TL. By successfully completing the year 2023, which marked Yünsa’s 50th and our Republic’s 100th anniversary, we are taking firm steps forward towards our goal of becoming Europe’s leading wool fabric brand in 2025 and the world’s leader by 2030.
Yünsa Enabled the Conversion of Over 10 Million PET Bottles into Fabric
While Yünsa increased its annual production capacity to 10 million meters of woven fabric and 4,500 tons of yarn in approximately 200,000 m2 production facilities in 2023 with its investments, it made its facilities even more environmentally friendly. The completely renovated dyeing plant during the year became one of the significant indicators of Yünsa’s sustainability approach.
By increasing the usage rate of special fiber-blended fabrics produced from recycled PET bottles from 9% to 22%, Yünsa enabled the conversion of over 10 million PET bottles into fabric. In 2023, the company prevented 450 thousand kg of CO2 equivalent emissions and saved 7 million liters of water.
