Dogus Otomotiv Servis ve Ticaret (DOAS) Q4 2024 earnings summary

Executive summary

• Total sales reached 189,094 units in 2024, up 8% year-over-year, with strong EV growth and a busy launch pipeline for 2025.

• Market share increased to 16.5% in passenger cars and 8.7% in light commercial vehicles.

• Net profit dropped 73% year-over-year to TRY 7.6 billion, with revenue down 13% to TRY 188.4 billion.

• Dividend distribution includes a TRY 2.2 billion advance and a total proposed cash dividend of TRY 8.2 billion for 2024.

• Gross profit margin declined to 16% from 21.5% in 2023.

Financial highlights

• Revenue for 2024 was TRY 188.4 billion, down 13% year-over-year.

• EBITDA declined 54% year-over-year to TRY 18.4 billion due to higher OpEx and lower gross profitability.

• Net profit margin dropped to 4.1% from 13.2% in 2023.

• CapEx increased 63% year-over-year to TRY 4.4 billion.

• Working capital decreased 10% to TRY 40.7 billion.

Outlook and guidance

• 2025 sales are expected to reach 160,000–165,000 units (including Škoda), with the market size projected at over 1 million units.

• Planned investment expenditure of TRY 5.3 billion, focusing on electrification, digitalization, and renewable energy.

• Early 2025 sales and gross profitability exceeded expectations; guidance remains positive if market conditions hold.