Turkey: Anadolu Efes’ second-quarter net income beats estimates but is 24% down vs. last year

Anadolu Efes reported a second-quarter net income of 4.07 billion liras, which beat the estimated 3.57 billion liras but represents a 24% decrease compared to the previous year.

Sales for the quarter were 64.39 billion liras, slightly above the estimated 63.48 billion liras but down 21% year-over-year.

The company recorded an EBITDA of 12.32 billion liras, falling short of the estimated 12.47 billion liras and reflecting a 27% year-over-year decrease.

The EBITDA margin for the second quarter was 19.1%, compared to 20.8% in the same period last year.

For the first half of the year, Anadolu Efes’ net income stood at 5.89 billion liras, a significant 41% decrease from the previous year.

Analyst recommendations for the company include 7 buy ratings and 3 hold ratings, with no sell ratings.

Anadolu Efes Biracilik ve Malt Sanayii AS is the holding company of the Efes Beverage Group. The group produces and markets beer, malt and Coca-Cola products across a geography that consists of Turkey, Russia, the CIS, countries Southeast Europe and the Middle East. Anadolu Efes is also an operating entity under which the Turkish brewing business is managed.