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Turkey: BİM announces 2023 Q2 financial results

Discount Retail Chain BİM Birleşik Mağazalar A.Ş. (listed BIST: BIMAS) posted TL 57.88 billion sales revenue and TL 2.85 billion net profit in the second quarter.

BİM Birleşik Mağazalar A.Ş. reported its financial results for the second quarter of 2023 to the Public Disclosure Platform (KAP). Accordingly, BİM achieved a net profit of 2.85 billion TL in the second quarter of 2023 compared to the same period of the previous year. The company's profit in the same period last year was 1.68 billion TL.

BİM Birleşik Mağazalar, which generated revenues of 57.88 billion TL in the second quarter, generated 34.14 TL in the same period last year.

Bim's second quarter earnings before interest and tax (EBITDA) was 4.29 billion TL in line with expectations. EBITDA margin increased from 6.1 percent to 7.4 percent in the second quarter, while it was 5.0 percent in the first six months.

In this quarter, BİM posted a gross profit of TL 10.7 billion, increasing its gross profit on a quarterly and annual basis. In this quarter, quarterly gross profit margin increased from 18.0 percent to 18.5 percent.

According to the annual report, 89 per cent of BİM's second quarter sales came from BİM Türkiye while 5.5 per cent came from File, 4.3 per cent from BİM Morocco and 0.9 per cent from BİM Egypt.


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