Annual Report 2023
Contents
Polisan Holding Outlook
12 Overview
16 2023 Financial and Operational Outlook
- Polisan Holding's Growth-Centric Focus on Its Operational Areas
- Polisan Holding Shareholding Structure
- Our Mission, Vision & Strategic Priorities
- Milestones
- Chairman's Message
- CEO's Message
- Board of Directors
- Senior Management
Our Operations
- Port Operations
- Chemical Activities
- Paint
- Real Estate
- Human Resources
- Digital Transformation
- Research and Development Activities
- Sustainability
- Social Responsibility
- Sponsorships
- Awards
- Other Legal Disclosure
- 2023 Notification on Affiliated Companies
- Events After the Balance Sheet Date
Corporate Governance
- Corporate Governance Principles Compliance Report
- Corporate Governance Compliance Report
- Corporate Governance Information Form
- Investor Relations
- General Assembly Meetings
- Polisan Holding's Structure and Operation of the Board of Directors
- Polisan Holding's Internal Control System and Internal Audit Activities
- Board of Directors Committees
- Statements of Independence
- Corporate Identity Information
- Statement of Responsibility
- Auditor's Report on the Early Detection of the Risk System and Committee
- Independent Auditor's Report on the Annual Report of the Board of Directors
Financial Information
147 2023 Consolidated Financial Tables and Independent Auditor's Report
We affectionately remember our Founder, and esteemed elder Necmettin Bitlis, who laid the foundations of Polisan with this clear vision: "Everything starts with a dream, but this alone is not enough. You can only make things happen if you apply that dream to your thinking." His name remains inscribed among the doyens and doyennes of Turkish industry with respect, grace, and infinite gratitude.
Necmettin Bitlis
1928 - 2017
As Polisan Holding, we fuse our strong roots and robust business portfolio with a development- oriented vision. Carrying out sector-leading transformations, practices and investments, we constantly realize new achievements.
We concluded 2023, a year of major changes for us, by adopting a more sustainable, agile and professional structure. Consequently, we upheld our financial success during a volatile period by conducting our operations under strict discipline.
We increased our production and energy efficiency through investments we made during the year and, as Polisan Holding, we will continue to implement practices that benefit all our stakeholders, from our employees to our supply chain and investors.
AGILE MANAGEMENT,
NEW GOALS
As one of our country's leading group companies, we adopted a corporate governance practice that serves as an exemplar for the sector. We opened a new chapter in corporate governance and delegated critical roles to business professionals. In this way, we raised the bar in our management approach, forming a fully transparent and auditable structure with a strong established communication among the Holding and our affiliated companies. During this period of restructuring, we intend to take courageous steps and undertake endeavors that will take our group companies to the next levels.
STRONG STRUCTURE,
NEW ACHIEVEMENTS
During the first half of the year, we adeptly navigated a number of risks, including geopolitical risks around the world and the recession risk affecting Europe, thanks to our deep-rooted history and the contribution of our diversified and valuable business areas. Following a bold and agile transformation in our corporate governance, we reflected these actions in our results in the second half of the year, concluding 2023 with an EBITDA of TRY 1.0 billion and a net profit of TRY 748 million.
In 2024, we focused on sustainable and profitable growth, as well as effective risk and performance management.
RATIONAL MOVES,
NEW INVESTMENTS
As we maintain our steady growth, we benefit from new opportunities and take solid steps towards the future. With the aim of providing added value to our country and our stakeholders, we closely follow developments in the sector and develop and update our investment plans accordingly. Poliport completed the 2nd tank farm modernization investment and expanded its available capacity, while the 8th tank farm investment is planned to be completed in 2024.
On the chemical side, we commissioned our new factory, strengthened production, and provided additional job opportunities.