By Muhammed Ali Gurtas
ANKARA (AA) - Turk Telekom Group's annual sales revenues reached 18.14 billion Turkish liras ($4.96 billion) last year, the company announced on Friday.
Consolidated revenues of the country's first integrated telecommunications operator rose by 12.9 percent on a yearly basis -- the highest hike since its stock market launch in 2008 -- up from 16.11 billion Turkish liras ($5.32 billion) in 2016.
Turk Telekom's net profit in 2017 amounted to 1.14 billion Turkish liras ($311.23 million), compared to 724 million liras ($238.94 million) net loss in the previous year.
The company highlighted this significant improvement as a result of "stronger operating performance and more moderate foreign exchange movements during 2017 compared to 2016."
The average U.S. dollar/Turkish lira exchange rate was 3.65 last year, while one dollar traded for 3.03 liras on average in 2016.
As of Dec. 31, 2017, the company's total assets stood at 29.15 billion Turkish liras ($7.98 billion), while the group invested 3.2 billion Turkish lira ($882.5 million) last year.
Turk Telekom, which roots date back to mid-1800s, is owned by Oger Telecom (55 percent), the Turkish Treasury (25 percent) and the Turkiye Wealth Fund (6.68 percent), while the remaining 13.32 percent of its shares are publicly traded in Turkey's stock exchange market, Borsa Istanbul.
With over 33,000 employees, the company is providing nationwide integrated telecommunication services to its nearly 42 million subscribers in the fixed voice, broadband, mobile, and pay TV markets.
According to the London-based Brand Finance valuation consultancy's list of top 100 Turkish brands for 2017 Turk Telekom topped the list with a brand value worth $2.62 billion.