Message from the Chairman
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The danger of coronavirus has not passed yet, it is still at stake, and its impact will continue to be felt for a while. Turkey began a vaccination. However, rules on hygiene and mask are still effective.

In March 2020, during the process started with the detection of the first virus case in our country, our 300 stores in Turkey and abroad experienced difficulties including closing. However, our Board of Directors decided not to fire our employees, even though the government had no explanation on this issue yet. Our textile factory in Çorlu started right away to produce masks to be distributed free of charge to hospitals and public institutions.

Over time, we started to adapt to pandemic conditions.Production continued in our plants, taking the necessary health precautions into consideration above all. Most of our office workers provided service from home. While our in-store retail sales decreased significantly, our online sales accelerated and increased.

Parallel to the decrease in Turkish Lira-based interest rates, our total interest expenses decreased. The excessive rise in exchange rates brought significant troubles for companies using financing in foreign currency for the investments. However, we partially managed to compensate such negative impact, especially with the export of our cement and paper products.

We are grateful to all our employees for their efforts to mitigate the negative effects of the coronavirus. Thanks to such efforts, we have not fired any of our employees, and we have not experienced any problem in performance of our payment obligations, and also our public benefit activities have increased. Moreover, our Group had the opportunity to start new investments.

As Eren Holding family, we wish patience and healthy days for our people, employees and stakeholders; We wish years full of hope and success for you.