Turkey's Savings Deposit Insurance Fund (TMSF), which runs 955 companies that are managed by trustees, has reached TL 56.5 billion ($10.24 billion) in total asset size with TL 19.8 billion in equity. All of these companies, which recorded a 27 percent growth, employ 44,622 people in total, TMSF head Muhiddin Gülal said yesterday during a meeting in the central Anatolian province of Kayseri.

Gülal stressed that the companies transferred to the fund continued to add strength to the economy with successful financial results.

Providing information about the Kayseri-based and TMSF-run Boydak Group's turnover, the TMSF head highlighted that the company's turnover increased by 14 percent in 2018 to TL 9.8 billion, which was TL 8.6 billion in 2017. The group's earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 26.5 percent from TL 1 billion to TL 1.34 billion, Gülal noted, pointing out that the taxes paid in the same period surged by 52 percent from TL 432 million to TL 658 million. Stressing that total exports, which amounted to $378 million in 2018, increased by 5.1 percent to $391 million with total investments reaching TL 419 million in two years, Gülal said they project an export target of $500 million for Boydak this year.

"With 664 stores, Boydak Holding holds almost 60 percent of the furniture sector," Gülal continued. "We regard the TMSF companies as a national wealth. We do not want these companies to lose altitude. They need to continue to generate added value." Recalling that when they took over Boydak Holding, this group had a bank debt of $383 million, Gülal highlighted that in this two-year period, they made a debt payment of $245 million, while today the group has a remaining debt of around $138 million. Gülal stated that Boydak Holding, operating in eight different sectors from furniture to energy from iron and steel to textile, increased its research and development (R&D) and product development expenditures by 14.7 percent to TL 16 million.

With regard to the interest of Arab investors in Boydak Holding, Gülal said they are not considering selling the firms that have improved their economic situation since the TMSF takeover and that the sale of Boydak Holding is not on their agenda in this context.