21.08.2024
Odine Stands Out with Strong Growth and Positive Working Capital in the First Half of 2024
Odine has announced its financial results for the first half of 2024. The company, continuing its growth targets in the field of digital transformation, achieved net sales revenue of 346,847,447 TL, marking a 25.66% increase compared to the same period in 2023. EBITDA rose by 231% to 108.2 million TL, while gross profit increased by 216.86% to 143,423,671 TL, with a gross profit margin of 41.35%.
In the first half of 2024, Odine not only demonstrated strong financial performance but also recorded significant improvements in liquidity ratios compared to the same period in 2023. The current ratio increased from 1.60 to 3.45, the liquidity ratio from 1.59 to 3.29, and the cash ratio, bolstered by a strong cash position, rose from 0.50 to 2.54.
Financial Stability and Positive Working Capital
Odine continues its operations with positive working capital while maintaining a strong financial structure, evidenced by the fact that the company’s total equity exceeds its liabilities, indicating a financially healthy position. This solid financial foundation allows Odine to persist in its R&D investments, which were announced before the IPO, and to focus on its long-term goals.
Strong Management Team and Future Strategies
Odine’s recently announced new board of directors and independent members have taken office to further the company’s innovative vision and global successes. This new leadership team is expected to strengthen the company’s position in global markets and accelerate R&D investments by developing innovative solutions.
Commenting on the company’s performance in the first half of 2024, Odine’s CFO Ali Yöney said, “The growth and positive working capital we achieved during this period indicate that our strategic goals are moving in the right direction. We view the seasonal effects and exchange rate fluctuations in the telecom sector as natural elements of our operating environment and manage these dynamics effectively. As we continue our R&D investments with determination, we are working to achieve our goals through new projects and collaborations.”
With its strong financial structure and expert management team, Odine continues its path with a vision of sustainable growth and value creation.
Further Info: Odine Investor Relations investorrelations@odine.com / info@odine.com
