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General Manager’s Message

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Timur Karaoğlu

It was a successful year in terms of achieving our targets


With the support and contributions of our employees, stakeholders, business partners and investors, we achieved our targets and concluded a successful year.


Esteemed Stakeholders, On February 6, Türkiye suffered the biggest earthquake disaster in its history. Tens of thousands of people lost their lives and more than 100,000 people were injured in two massive Kahramanmaraş-centered earthquakes – a tragedy with an intense impact on the entire country. From the very first day, Kalekim contributed to support efforts in the earthquake region, initiated by Kale Group with our volunteer employees, dealers, suppliers and stakeholders. We organized the provision of 253 hygiene and living containers and in-kind and cash support through the Kaleseramik Education, Healthcare and Social Assistance Foundation and delivered them to the region under the coordination of AFAD, as well as the relevant public and private institutions. As we move forward, we will heal our wounds with the same spirit of solidarity and endeavor to overcome this disaster together. On this occasion, I once again wish Allah’s mercy for all the people who lost their lives in the earthquake, a speedy recovery for those who were injured, and my deepest condolences to our country. In 2022, as we continued to emerge from the pandemic, the world entered a new era with the Russia-Ukraine war that began in February. The war between the two countries had a highly negative impact on the global energy market. The escalating global energy crisis, coupled with growing concerns regarding a global recession, caused a new wave of uncertainty in the markets.  These uncertainties and negativities are still present. Studies and projections show that rising energy costs, problems in accessing energy, the diversity and security of energy resources, and the need for clean energy will continue to be the most important topics on the international agenda in 2023.

The construction materials industry saw a strong start to the year with a downward slope at the year’s end
As it was worldwide, 2022 was a challenging year for our country and our sector. As far as the national market is concerned, 2022 was a year in which the construction industry had a good start but failed to reach the expected level. According to the February 2023 Sector Report of Türkiye İMSAD, production in the construction materials industry rose by 4.4% in the first quarter of 2022 and by 2.1% in the second quarter. Declining by 3.3% in all months of the third quarter, production contracted by 3.4% in the fourth quarter of the year.

Although some contraction is expected in the first half of 2023, recovery is projected in the second half of the year.

The Türkiye İMSAD report indicates that the construction industry will continue to shrink in 2023, due to a projected slowdown in global economies. As for exports – a main pillar of the construction materials industry – a contraction is expected in the first half of 2023 and recovery in the second half. As sector representatives, we continue to maintain an optimistic stance despite these issues.

In 2022, we continued to make new investments and forge new collaborations

We acquired 75% of Lyksor Kimya A.Ş., a strong company in its sector, for approximately TL 140 million.

We see our country’s ‘My New Home’ project, launched in the new year, as an important step in this regard. Developed by the Ministry of Environment, Urbanization and Climate Change and the Ministry of Finance, the project aims to help middle-income groups purchase their own homes, with 100,000 houses planned to be sold in the first stage. We believe that, if the framework of this campaign is clarified and resolutely carried out, it will bring additional dynamism to the sector. We focused on our investments in 2022 For Kalekim, 2022 was a successful year in terms of achieving our targets despite difficulties and challenges. The support and contributions of our employees, stakeholders, business partners and investors played a significant role in our accomplishments. The success we have achieved is attributable not just to individuals, but to the Kalekim Family as a whole. I would like to take this opportunity to again thank everyone who contributed to our success. I have no doubt that we will carry Kalekim to better places together. We focused on our investments in 2022 in line with our goal of “creating a bigger and stronger Kalekim at home and abroad” and affirmed during our successful initial public offering process in May 2021. Towards the end of 2021, we expanded our factory in Mardin through an investment of approximately 39 million TL to extend our effectiveness in the Iraqi market – our largest overseas market. With this additional line investment, we raised our production power in both Iraq and in the Middle Eastern market in general to a much higher level.  In early 2022, we took a new investment step and acquired 75% of Lyksor Kimya A.Ş., a strong company in its industry, for approximately TL 140 million. The Lyksor Kimya product range extends from concrete and cement chemicals to the raw materials used in their production, from architectural concrete products to concrete curing and protective materials, and from concrete waterproofing admixtures to mineral grinding facilitators. The acquisition expands our product range, our production and our sphere of influence. The contribution of our Lyksor investment to our turnover in the nine-month period of 2022 amounted to TL 439 million. This clearly demonstrates the effectiveness of our investment, and we anticipate that this positive contribution will both continue and increase in the coming period.

We continued our overseas investments and collaborations

In addition, we proceeded with new investments and collaborations in 2022, again in line with our growth targets. In this context, we entered another important stage, establishing Kalekim Romania S.A. in a 50% shareholding with a local partner in Romania, in line with our existing business model. The incorporation of Kalekim Romania S.A., established in order to carry out sales and marketing activities in the Company’s operating areas, particularly in construction chemicals, paint and plaster, was approved by the relevant authorities last September. We believe that this new company will enrich our commercial activities in the continent, especially in Eastern Europe. Furthermore, in September, we started procedures to establish a new branch in Duhok, Iraq, to contribute to our activities in that country, which is our largest export market. We aim to reach consumers faster in Northern Iraq and in the rest of Iraq via our Branch in Duhok, Iraq.


In 2023, we celebrate the 50th anniversary of a production journey that began in 1973. As the Kalekim Family, we are proud to leave behind a half-century of firsts and achievements.

Furthermore, in September, we started procedures to establish a new branch in Duhok, Iraq, to contribute to our activities in that country, which is our largest export market. We aim to reach consumers faster in Northern Iraq and in the rest of Iraq via our Branch in Duhok, Iraq.

In 2022, we converted challenges into success


In 2022, a year overshadowed by pandemic, war, an energy crisis, and concerns of a global recession, as Kalekim, we transformed challenges into successes, making the right moves at the right time. Starting from the first quarter of the year, we brought our financial success one step further each quarter. By maintaining this steadfast success over four consecutive quarters, we exceeded our targets in 2022. As of year-end, our net sales revenue increased by 165% year-on-year to TL 2.14 billion. Our net profit rose by 146% year-on-year to TL 524.7 million. In 2022, we improved our operating profit margin by 420 basis points, from 15.6% to 19.8%. Likewise, we achieved significant success in the domestic and international markets, raising our domestic sales by 161% and international sales by 171% year-on-year.

We will write new success stories on the 100th anniversary of our Republic

Today, we are happy to have fulfilled our promises to create a greater and stronger Kalekim and we believe we will carry this extraordinary potential even further. Lifted by our successes, we will continue to work with the same motivation in the coming period.
Countries have important milestones in their history and these milestones also constitute the markers of the road from the present to the future. In this respect, the year 2023 bears historical importance for both our Company and country. As Kalekim, we celebrate the 50th anniversary in a production journey started in 1973. Therefore, as the Kalekim Family, we are proud to leave behind five decades of firsts and achievements. As the leading brand in the Turkish construction chemicals industry, and an important value of our country in the global markets, we will continue to work, to produce, and to create added value for our country and people for a sustainable future, as we have thus far. And this year marks a special event for our country as well. In 2023, we celebrate the 100th anniversary of the Republic of Türkiye, proclaimed after the Turkish national struggle led by Gazi Mustafa Kemal Atatürk. Therefore, this year is even more meaningful for all of us. As a company born and nurtured in these lands, and a company that prioritizes creating value for its country, we aim to write new success stories through our investments and collaborations on the 100th anniversary of our Republic. I hope that 2023, which holds value and importance for us in many respects, will bring health, happiness and success to us all, in a world where peace prevails.
 Best regards,


Timur Karaoğlu

Kalekim General Manager