115 Percent Increase in BigChefs Turnover in the First Half of the Year

BigChefsannounced its financial and operational results for the first half of the year. As of June 30, the company has reached a total of 24 branches, including 102 branches in 7 cities in Turkey and 9 branches in 111 countries abroad, and continues to grow organically, and hosted more than 6 million guests in its restaurants in the first 6,3 months of the year. The sales revenue of BigChefs, which experienced an 11,5% increase in the number of guests compared to the same period of the previous year, reached 745 million TL.

“We Will Strengthen Our Position in Domestic and Foreign Markets”

BigChefs CEO Altan Kosovo, “As BigChefs, we maintained our position as Turkey's leading chain brand in the full service restaurants category in the second quarter, and as of June 30, we reached a total of 24 branches, including 102 branches in 7 cities in Turkey and 9 branches in 111 countries abroad. In addition, we continued our growth organically and hosted more than 6,3 million guests in our restaurants in the first half of the year. Although the earthquake disaster we experienced in the first quarter of the year had a negative impact on our sales revenues, the quality service we provided to our guests and our rapid growth increased our number of guests. Thanks to this, our sales revenues increased by 115% in the first half of the year, reaching 745 million TL. Our biggest goal is to continue this success in the second half of the year. "For this reason, we will continue our investments that will strengthen our position in both domestic and foreign markets by taking new steps that will increase our revenues and profitability."

Total Revenues Reached 100,1 Million TL with a 424,1% Increase in the Second Quarter

Büyük Chiefler increased its sales revenues by 2023% to 2022 million TL in the second quarter of 100,1 compared to the second quarter of 424,1. In this increase; The increase in the number of restaurants and the net sales growth in private restaurants were effective. While gross profit increased by 174,3% to 162,5 million TL, gross profit margin reached a record increase of 38,3%, thanks to price adjustments made by closely monitoring purchasing power and effective cost management. In the first half of the year, our sales revenues increased by 115,2% compared to the same period last year, reaching 745,1 million TL, while the gross profit margin increased by 440 basis points to 33,1%.

87,6 Million TL Main Activity Profit was Recorded in the Second Quarter

The operating profit in the second quarter of 2023 increased by 115,7% compared to the same period of the previous year, reaching 87,6 million TL, while the operating profit margin increased to 20,7%. General administrative expenses increased by 165,6% and amounted to 53,2 million TL, largely due to the increase in the minimum wage. Marketing, sales and distribution expenses increased by 145,1% in the second quarter compared to the second quarter of the previous year, reaching 12,9 million TL. 

In the first half of the year, an operating profit of 80,5 million TL was recorded with an increase of 110,3%, while the operating profit margin decreased to 14,8%. EYT payments made in the first half of the year, donations made due to the earthquake, and one-time marketing and communication expenses made due to the public offering were effective in this. Excluding the one-time EYT in the first 6 months, public offering expenses and payments made due to the earthquake, the main operating profit reaches 126,4 million TL, an increase of 138,3%. When these one-time expenses are excluded, the main operating profit margin increases by 2022 basis points compared to the same period in 900, reaching 18,6%.

145,1% EBITDA Increase Recorded

The Company's second quarter consolidated EBITDA increased by 145,1% compared to the same period of the previous year and reached 122,6 million TL, while the EBITDA margin increased to 23,3%. Excluding the 2023 million TL spent in total in the first 6 months of 28 due to one-time EYT compensations, donations and aid made related to the earthquake disaster, and expenses incurred within the scope of the initial public offering of Company shares, the Company's consolidated EBITDA reaches 202 million TL. and the increase compared to the same period of the previous year reaches 141,8%. In this case, the EBITDA margin is 27,1%.

62,5 Million TL Net Profit Achieved

The company's net profit in the second quarter increased by 109,4% to 62,5 million TL. Net profit margin increased 60 basis points to 14,7%. The company recorded a profit of 114,3 million TL, increasing its net profit by 86,5% in the first half of the year.

Source: HORECA Trend and BigChefs