Ülker Bisküvi 1Q24 Meeting Notes

We attended ULKER’s analyst meeting to evaluate the company's Q1 2024 financial results, current operations, and future outlook. In the first quarter of 2024, ULKER increased its sales revenue by 13% year-on-year to 19.6 billion TL. However, due to rising operational and financial expenses, its net profit decreased by 3%, amounting to 2.2 billion TL. Despite strong operational performance supported by robust sales volumes and a successful Ramadan period, the company experienced a slight decline in its net profit margin.