Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

Bizim Toptan Reports Second-Quarter and First Half Results for the Period Ended June 30, 2011


News provided by

Bizim Toptan

08 Aug, 2011, 20:44 GMT

Share this article

Share toX

Share this article

Share toX

ISTANBUL, August 8, 2011 /PRNewswire/ --

Impressive Top-Line Growth of 20.3% during the Second Quarter of 2011 Affirms Market Leadership Position

Bizim Toptan Satis Magazalari A.S. (ISE: BIZIM.TI) ("Bizim Toptan"), a leading cash and carry wholesaler with a national footprint of 117 stores throughout Turkey, reported its results for its second-quarter and first half period, ended June 30, 2011.  

Second-Quarter 2011 Highlights:

  • Revenues were TL 436.1 million;
  • Gross profits were TL 35.8 million;
  • EBITDA was TL 13.7 million;
  • Operating income was TL 11.5 million; and
  • Net income was TL 6.8 million.

First Half 2011 Highlights

  • Revenues were TL 819.0 million,
  • Gross profits were TL 69.1 million;
  • EBITDA was TL 26.8 million;
  • Operating income was TL 22.4 million; and
  • Net income was TL 12.7 million.

Second Quarter of 2011 Results

Total revenue for the second quarter, ended June 30, 2011, increased 20.3% or TL 73.7 million to TL 436.1 million from TL 362.4 million in the second quarter of 2010.  On a sequential basis, revenue increased by 14.0%, or TL 53.2 million from TL 382.9 million in the first quarter of 2011.

Overall the Company's top-line growth was 20.3% on a year-on-year basis, with 26.7% in main categories and 5.2% in tobacco sales.  The Company and second quarter's strong top-line growth continues to be driven by growth in existing stores and the opening of new stores.  Like-for-like year-on-year growth was 14.5% in the second quarter of 2011, with 19.7% in main categories and 2.6% in tobacco sales.

Mr. Recep Ozalp, chief executive officer of Bizim Toptan stated, "Our underlying business remains strong and the strong 20.3% growth achieved during the second quarter on a year-over-year basis is impressive, despite the continued global economic uncertainty.  We are well-positioned with the momentum gained thus far in 2011 and focused on executing on our core strengths in order to further expand our market leadership position.  Bizim Toptan operates in one of the most attractive markets in the world with tremendous growth opportunities.  Our nimble and proven business model allows us to seize the opportunities we see before us and provides a solid platform for long-term sustainable results and shareholder return."

Gross profit for the second quarter of 2011 was TL 35.8 million compared to TL 28.9 million in the same period of 2010.  Gross margin during the second quarter of 2011 was 8.2% compared to 8.0% in the same period in 2010.  The positive impact of second quarter's gross margin is due to higher penetration in main category sales of products with higher margins compared to the same period of 2010.  For the second quarter of 2011, main category sales accounted for 74.1% of total revenues compared to 70.4% in the second quarter of 2010.

EBITDA during the second quarter of 2011 was TL 13.7 million compared to the TL 11.5 million of EBITDA recorded in the second quarter of 2010, an increase of TL 2.2 million.  EBITDA margin was 3.1% compared to 3.2% in the same period of last year.  

Bizim Toptan's operating income during the second quarter of 2011 was TL 11.5 million compared to TL 8.6 million recorded during the second quarter of 2010. Operating margin during the second quarter 2011 was 2.6% compared to 2.4% in the same period in 2010.

Both EBITDA and operating income were impacted by one-off costs associated with the IPO, which was TL 0.6 million.  If we exclude the one-off costs associated with the IPO, Bizim Toptan's EBITDA would have increased to TL 14.2 million and EBITDA margin would have been 3.3%, on an adjusted basis.  Similarly, Bizim Toptan's operating income would have increased to TL 12.0 million and operating margin would have been 2.8%, on an adjusted basis.

The EBITDA and operating margin improvements can be attributable to a higher percentage of sales of products in the main category with higher margins.  It is also due to positive economic scale effect of solid top line growth of operating expenses as a result of opening six new stores during the second quarter.

Net income for the second quarter of fiscal 2011 was TL 6.8 million, or TL 0.17 per share, compared to net income of TL 4.8 million, or TL 0.12 per share in the second quarter of 2010.  Excluding the impact of the one-off item mentioned above, the Company's net income on an adjusted basis would have been TL 7.3 million, or TL 0.18 per share in the first half of 2011.

The Company's net cash position at the end of the second quarter 2011 was TL 32.4 million compared to TL 37.5 million as of March 31, 2011, although the company paid TL 13.5 million as cash dividend.

During the second quarter of 2011, six additional stores were opened, increasing the total stores to 117.  Stores opened during the second quarter were located in regions with high-growth potential, such as Kilis, Osmaniye and Alanya.

First Half 2011 Results

Total revenue for the six month period, ended June 30, 2011, increased by TL 145.8 million, or by 21.7% to TL 819.0 million from TL 673.3 million in the year-earlier period.  For the first half of 2011, the Company's top-line growth on a year-on-year basis was 21.7% with 27.4% in main categories and 7.2% in tobacco sales.  

The strong top-line growth recorded during this period was driven by growth in existing stores and the opening of eight new stores.  Like-for-like growth on a year-on-year basis was 15.7% with 20.3% in main categories and 4.7% in tobacco sales. The Company showed outstanding performances in its top line and like-for-like growth in main categories sales in the first half of 2011.  

Gross profit for the first half of 2011 increased by 10.2 million, or by 17.3% to TL 69.1 million compared to TL 59.0 million recorded in the same period of 2010.  Gross margins were slightly lower at 8.4% during the first half 2011 when compared to 8.8% recorded in the same period in 2010 due to the one-off income impact of tobacco price increase which occurred during the first half of 2010. Excluding the impact of the one-off income of TL 4.1 million, gross margin performance would have been 8.4% compared to the first half 2010 when gross margin were 8.2%.  

EBITDA during the first half of 2011 was TL 26.8 million compared to TL 25.4 million recorded in the same period of 2010, an increase of TL 1.4 million.  EBITDA margin was 3.3% compared to 3.8% in the same first half period last year.  

Operating income during the six month period of 2011 was TL 22.4 million compared to TL 21.4 million recorded during the same period a year ago.  Operating margin during the first half of 2011 was 2.7% compared to the same period in 2010 which was 3.2%.

EBITDA and operating margins were impacted by one-off cost and revenue items, which were IPO cost negative effect of TL 2.1 million in the first half of 2011 and the tobacco price increase positive effect of TL 4.1 million in the first half of 2010.  Excluding these one-off items on an adjusted basis, the Company's EBITDA for the first half of 2011 would have increased to TL 28.9 million and margin of 3.5% compared to TL 21.3 million and margin of 3.2% in the comparable period of last year.  Similarly, the Company's operating margin in the first half of 2011 would have increased to TL 24.5 million and margin of 3.0% compared to TL 17.3 million and margin of 2.6% in the same period of 2010.

Net income for the six months period was TL 12.7 million, or TL 0.32 per share, compared to net income of TL 13.2 million, or TL 0.33 per share, in the comparable period last year.  Excluding the impact of the one-off items mentioned above, the Company's net income on an adjusted basis would have been TL 14.8 million, or TL 0.37 per share in the first half of 2011, an increase of TL 5.7 million compared to net income of TL 9.1 million, or TL 0.23 per share in the same period of 2010 on an adjusted basis.

In conjunction with the earnings results, Bizim Toptan will host a conference call which will take place at 10:00 am (Eastern) / 5:00 pm (Istanbul) on Tuesday, August 9, 2011.

Interested parties may participate in the conference call by dialing the following numbers listed below:

U.S. or International Participants: +1 (877) 407-8033 (toll-free) or + 1 (201) 689-8033

UK Participants: 00-800-2246-2666

About Bizim Toptan

Incorporated in 2001 and headquartered in Istanbul, Bizim Toptan Satis Magazalari A.S. (Bizim Toptan) is a leading cash and carry wholesaler in Turkey. Bizim Toptan operates one of the largest networks with a national footprint of 117 stores, located in 57 out of 81 major cities throughout Turkey.  The Company sells branded food products, non-alcoholic beverages, tobacco, household chemicals and personal hygiene products to a diverse mix of customers which include: wholesalers, traders/distributor wholesalers, "bakkals," local markets, supermarkets, specialized retailers, corporate institutions, and HORECA (hotels, restaurants and cafes) customers among others.  The Company's product offering consists of approximately, 2,900 products or stock keeping units ("SKUs"), nationwide and can be grouped as branded products and private label products.  Bizim Toptan is traded on the Istanbul Stock Exchange under the ticker BIZIM TI (Bloomberg) and BIZIM.IS (Reuters).  For more information on Bizim Toptan, please visit us at http://www.bizimtoptan.com  

Forward Looking Statements

Any statements set forth herein that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.

Forward-looking statements can be recognized by the use of words such as "expects," "plans," "will," "could,"  "estimates," "projects," "intends," or words of similar meaning. Such forward-looking statements speak only as of the date of this press release, and are not guarantees of future performance.  Such forward-looking statements involve risks and uncertainties that may cause actual results, performance or financial condition to materially differ from those expressed or implied in the forward-looking statements as a result of various factors and assumptions.  

The Company undertakes no obligation to revise forward-looking statements to reflect events or circumstances after the date of this press release. Potential risks and uncertainties including changes in applicable regulations, and other information detailed from time to time in the Company's filings and future filings with the Istanbul Stock Exchange or the Turkish Capital Markets Board. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

Modal title

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.