Turkish Ülker Bisküvi reports US$2.9B revenue for 2024, boosted by innovation and export growth
According to a statement submitted to the Public Disclosure Platform (KAP), the company solidified its leadership in the biscuit markets in Saudi Arabia and Egypt.
TURKEY – Turkey’s leading food company, Ülker Bisküvi, has reported a record revenue of 84.1 billion Turkish Lira (TRY) (US$2.9 billion) for the 2024 marketing year, marking a strong performance as the company celebrated its 80th anniversary.
This milestone reflects a significant year-on-year increase from 56 billion TRY (US$1.9 billion) in 2023, underpinned by robust domestic sales, international market expansion, and continued product innovation.
Ülker also reported an EBITDA margin of 18.5%, highlighting strong operational efficiency and financial health.
Mete Buyurgan, Ülker Bisküvi CEO, attributed the growth to several key drivers, including technological upgrades in production facilities, strategic revisions to the company’s go-to-market model, and an agile management approach.
“Thanks to our digitalization focus and automation investments, we’ve streamlined business processes and accelerated product delivery across diverse geographies,” he said.
“Our 2024 results demonstrate that our business model, centered on innovation and efficiency, continues to deliver sustainable growth.”
According to a statement submitted to the Public Disclosure Platform (KAP), the company solidified its leadership in the biscuit markets in Saudi Arabia and Egypt, while sustaining a strong growth trend in Kazakhstan and other Central Asian countries.
International operations contributed 29% of total revenue in 2024, underscoring Ülker’s strategic emphasis on regional diversification and exports.
According to the company, innovation contributed to Ülker’s success in 2024. The company launched 51 new products in Turkey alone, bringing its five-year new product tally to over 250. Innovative offerings made up 15% of Ülker’s domestic revenue for the year, reinforcing its consumer-focused strategy.
In addition, sustainability remained at the core of Ülker’s operations. In 2024, the company issued its first sustainability-linked eurobond worth US$550 million, attracting over 100 international investors from 20 countries.
The proceeds were directed toward refinancing existing debt and advancing its green initiatives. Notably, all Ülker factories in Turkey used 100% renewable electricity and achieved a 98% waste recycling rate, earning the prestigious “Zero Waste to Landfill” certification.
The company also unveiled its Net Zero Roadmaps for 2030 and 2050, targeting long-term environmental responsibility.
As it heads into 2025, the company aims to build on its momentum by expanding its global presence and strengthening its innovation-driven product portfolio.
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