February 22 (SeeNews) - Turkish motor vehicle maker Ford Otosan [BIST:FROTO] said its net profit jumped by 110% year-on-year to 8.8 billion lira ($634.8 million/559.5 million euro) in 2021.
The company increased its total revenues by an annual 44% last year to 71.1 billion lira, Ford Otosan said in a financial statement last week.
Export sales added 57% to 54.5 billion lira, while domestic sales went up 12% to 16.6 billion lira.
The car maker's operating profit increased by 96% in 2021, reaching 9.4 billion lira. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 83% to 10.4 billion lira.
Capital expenditures soared by an annual 213% last year to 3.5 billion lira.
Ford Otosan sold a total of 361,601 cars in 2021, of which 288,511 were exported abroad.
Profitability was very strong in 2021 mostly due to strong export performance despite the weakness in the second and the fourth quarters due to the semi-conductor shortage, Fort Otosan said.
Last year, Ford Otosan said that it will suspend production at its plant in Golcuk from April 19 until June 13 due to restrictions in the supply of some parts in which where the use of imported microchips is intensive.
Ford Otosan, founded in 1959, is a joint venture of Turkey's Koc Holding and U.S. automotive giant Ford Motor Company.
(1 euro = 15.7339 lira)