Ülker's net profit jumps over 50 percent to $118M in 2017

The net profit of Turkish food giant Ülker Bisküvi reached 430.9 million Turkish liras ($118.05 million) in 2017, the company announced Tuesday.

The company's net profit rose by 51.6 percent, up from TL 284.3 million ($93.82 million) in 2016, according to a statement issued on main stock exchange Borsa Istanbul's Public Disclosure Platform (KAP).

Ülker's revenues were TL 4.81 billion ($1.31 billion) in 2017.

The company's profit rise is based on core earnings before interest, taxes, depreciation and amortization (EBITDA), reaching TL 701.4 million ($192.16 million).

The company sold 575,000 tons of snacks -- mostly biscuits, chocolates and cakes -- worth TL 4.8 billion ($1.31 billion).

Ülker -- founded in 1944 -- operates under one of Turkey's largest conglomerates, Yıldız Holding, and produces over 300 kinds of snacks such as cakes, biscuits, candies and nonalcoholic beverages.

Leading business magazine Forbes on Tuesday named CEO of Yıldız Holding, Murat Ülker, Turkey's richest person with his $4.8 billion fortune, which increased by $1.1 billion last year.

The holding comprises of several companies such as world-famous chocolate brand Godiva, biscuit producer United Biscuits and U.S.-based DeMet's Candy Company.

As CEO, Murat Ülker has been working to refinance the holding's $7 billion debt, with the current arrangement requiring monthly repayments that sometimes exceed $1 billion. He said he met with five bank bosses Tuesday in Istanbul to discuss "details" of the renegotiation.

In January, Yıldız asked 10 Turkish banks to consolidate their loans and give a three-year grace period on repayment to ease the holding's financial strain.