Chairman’s Message

Dear Stakeholders,

2024 was shaped by significant global economic and political developments. While the U.S. presidential elections caused volatility in the markets, the Federal Reserve's post-election interest rate cuts slightly eased global liquidity conditions. Meanwhile, the Central Bank of the Republic of Turkey’s tight monetary policy helped stabilize economic indicators and began to curb inflationary pressures. Amid this transformation, Ekspo Faktoring remained committed to meeting our clients' financial needs and providing reliable cash flow solutions for the real sector.

Turkey’s economy entered a stabilization phase in 2024, driven by structural reforms and disciplined monetary policies. In the second half of the year, inflation began to gradually decline, and the economy closed the year with a growth rate of approximately 3.2%.

The banking sector maintained asset quality and grew by 37.5%. A balanced credit-to-deposit ratio began to emerge, while exports held steady at $261.8 billion despite weakened global demand. The trade deficit narrowed slightly. In this environment, the factoring industry played an increasingly critical role in meeting the financing needs of SMEs. Aware of this responsibility, we further strengthened our presence in the field.

Maintaining our focus on sustainable growth in a more stable macroeconomic environment, we preserved our strong financial structure. Our total turnover rose from TRY 3.275 billion in 2023 to TRY 5.383 billion in 2024—a 64% increase. This notable growth directly reflects our expanding market reach, strengthened reliability, and diversified product portfolio.

Our total assets grew from TRY 1.131 billion in 2023 to TRY 1.748 billion in 2024—an increase of 55%. At the same time, our equity rose from TRY 469 million to TRY 673 million, marking a 43.3% annual increase. Net profit also saw a 28% rise year-over-year, reaching TRY 223 million in 2024—an outcome driven by our productivity-focused strategies and effective risk management.

We also achieved significant progress in trade finance. In 2023, we provided $14.1 million in export financing and $21.1 million in import financing. In 2024, export financing stood at $12.7 million, while import financing surged to $36.8 million. This expansion highlights both the increase in trade volume and the growing impact of our tailored solutions for international clients. Additionally, our $10 million, 370-day export credit agreement with the Black Sea Trade and Development Bank (BSTDB) was successfully renewed in 2024, further strengthening our cost-effective financing options for exporters.

Our digital transformation initiatives continued at full speed in 2024. We increased investments in information technologies to improve customer experience, enhance operational efficiency, and optimize risk management. We deployed AI and data analytics systems across our allocation and collection processes, significantly boosting efficiency. At the same time, we expanded the scope of our services while aligning our security standards with international norms.

As we move into 2025, we are focused on further strengthening our digital infrastructure to provide faster, more transparent, and more accessible services to our clients. Staying true to our sustainable growth strategy, we will continue supporting the real sector and contributing to Turkey’s economy through our solid financial foundation.

I extend my heartfelt thanks to our employees for their dedication, to our clients, business partners, and stakeholders for their trust and continued support.

Wishing you all a healthy, successful, and prosperous 2025.

Sincerely,
Murat Tümay
Chairman of the Board & CEO