When the Covid-19 pandemic spread to Turkey in March 2020, 300 of our stores—both in Turkey and abroad—were at risk of closing. Despite this, our Board of Directors decided not to lay off any employees while the government had yet to issue a statement on the subject. Instead, our textile factory in Çorlu began producing masks for free distribution to our hospitals and public institutions.

We gradually began to adapt to and navigate the pandemic.

Our enterprises continued production while implementing the necessary health precautions. Most of our office employees moved to remote working. Even though our retail sales in the stores themselves saw a significant drop, those of our online stores gained steam and increased substantially.

Our total interest expenses decreased in tandem with the decline in Turkish lira-based interest rates. The excessive rise in exchange rates, on the other hand, posed a significant problem for businesses like ours that had financed their investments in foreign currency. On the other hand, we were able to partially compensate for this unfavorable effect, particularly through the export of our cement and paper products.

We are grateful to all of our employees for their efforts to reduce the negative effects of the coronavirus. Because of their hard work, we were able to avoid having to lay off any employees, make all payments on time, and continually expand our community service. In addition, our group has already identified opportunities for new investments.

We, the family of Eren Holding, want to wish our people, employees, and stakeholders a year filled with hope and success, as well as patience and good health.

Ahmet Eren, Chairman of the Board