Kerevitaş Increases Revenue to $174 Million in the First Quarter

Kerevitas has announced its financial results for the first quarter of 2024, reporting a significant increase in net revenue. The company achieved a net revenue of $174 million, marking a 20% rise compared to the same period last year. During the same period, the company’s EBITDA saw a notable increase, reaching $20.6 million. Kerevitas also reported a total export value of $17.6 million for the first three months. Dominating Turkey's oil export market, Kerevitas accounted for 34% of the country's oil exports and maintained its leading position in the margarine market with a 65.9% revenue share through its brands Bizim Yag and Teremyag.

Kerevitas shared comprehensive financial and operational results for the January-March 2024 period. With over 30 years of leadership in the consumer margarine category in the Middle East and Central Asia under the Ona brand and exporting to more than 35 countries across five continents, Kerevitas strengthened its export position by adding 10 new international customers during this period. Kerevitas products continued to hold significant market positions in Georgia, Romania, Albania, Kazakhstan, Kosovo, Madagascar, and Iraq.

Superfresh MAINTAINS LEADERSHIP IN FROZEN FOODS

Kerevitas's leading brand Superfresh maintained its leadership position in the frozen food sector with a 42% market share during the first three months of this year. Superfresh's revenue from new products accounted for 15% of its total revenue in the first quarter of 2024. Following the acquisition of Donuk Firincilik Urunleri A.S., a leader in frozen bakery products, in 2023, Kerevitas continues to aim for market leadership in this sector as well.

INNOVATIVE PRODUCTS HIT THE SHELVES IN THE FIRST QUARTER

Kerevitas continued to accelerate its R&D and innovation activities to adapt to changing consumer habits and expand its product range. The company's new product launches in this period further strengthened its market position. With the introduction of a 500-gram advantageous package of Bizim Yag, Kerevitas aimed to contribute to consumers' budgets. The company also launched 15 new Superfresh products in the first quarter, bolstering its leadership in the pizza category. Innovative products like Mac&Cheese Balls and Kumpir Kroket received the People's Choice Award for Innovative Product of the Year.

ALTINKILINC: WE WILL MAINTAIN OUR STABLE GROWTH IN 2024

Kerevitas CEO Mert Altinkilinc reflected on the company's growth targets and achievements, stating:

“In 2023, we took significant steps on our growth journey with our sustainability vision, the value we added to agriculture, and our exemplary projects. Our goal of developing a product portfolio that receives great interest from consumers remains our biggest motivation. This year, with our R&D and innovation activities aimed at changing consumption habits, our extensive distribution network, and agile management structure, I am confident that we will strengthen our position both in Turkey and international markets and continue our stable growth.”

Kerevitas became part of Yildiz Holding on December 23, 2008. As Turkey's first company in the retail frozen food sector, Kerevitas Gida Sanayi ve Ticaret A.S. continues its operations under Yildiz Holding.