Ceo’s Message

Kamil Adem

Dear Shareholders,

Ulusoy Un was born in the homeland of the wheat, the raw material of holy bread. Emerging from this strong history, potential and people of our country, Ulusoy Un has managed to gain an important seat in its industry both at home and abroad in the last 25 years. Now we are proud of sharing this value with our more than 2700 shareholders who became our partners in our primary public offering.

In two factories that amount to daily capacity of 900 tons, Ulusoy Un has managed to realize 5% of the Turkey’s flour export in 2014 and our company is 5th in the industry with these exports. According to 2015 data from Istanbul Chamber of Industry, we are 472nd in largest 500 producers of Turkey and 3rd in our industry with our total production sales.

We performed these sales both at home and abroad in line with customer demands, without compromise from quality and food security and under unconditional customer satisfaction principle. And consequently our company has increased its revenues from 61 million TL in 2006 to 921.5 million TL in 2014, which corresponds to 15 times increase in revenues and an annual average revenue growth of 40% in 8 years. Our revenues have reached 692.1 million TL in the first nine months of 2015, corresponding to a 1,5% increase compared to the same period of the previous year. Our goal for 2015 year-end is to achieve revenues more than 1 billion TL.

As a result of our company operations in the first nine months of 2015, we earned gross profit amounting 54.6 million Turkish Liras and real operating profit amounting to 29.3 million Turkish Liras from production and trading activities. This successful performance allowed us to increase gross profit by 19 % and real operating profit by 8 % in comparison to the same period of previous year. The financial expenses resulting from the rapidly increasing foreign exchange rates decreased our company’s net profit in this period. Thanks to the efforts of Early Risk Detection Committee, risks arising from exchange rates are duly restricted for our operations.

I thank our customers and employees who carried us to the top in our industry and always lend a hand and esteemed investors reposing confidence in us as partners after our public offering. I wish the year 2015 to bring revenues and joy for our company. With its experience exceeding 45 years, Ulusoy Un will continue creating value for its partners, employees and customers…

Kamil Adem - Chief Executive Officer