Dear Stakeholders,
The year 2024 was a critical transition period during which the global economy was shaped by anti-inflationary policies, and efforts were made to restore equilibrium. High and persistent inflation led to significant divergences among major economies.
Although the decisive policies implemented to ensure stability provided a generally favorable backdrop for the economy, economic risks remained elevated due to global conflicts, wars, and escalating geopolitical tensions. Moreover, strategic competition and protectionist policies have heightened uncertainties by impacting global trade and investment decisions. Despite these challenges, the new green economic transformation process centered around the energy transition continued to progress. According to the International Energy Agency, investments in the energy sector reached USD 3.2 trillion in 2024. Of this amount, USD 2 trillion was allocated to clean energy investments, including renewable energy, nuclear, storage, energy efficiency, electrification, low-emission fuels, transmission, and distribution infrastructure.
As Kibar Group, we concluded 2024 with strong financial results, driven by our adaptability to changing conditions, agility, and innovative approach. We maintained our steady growth and continued investing through effective risk management and strategic decision-making mechanisms. We are establishing a new production plant in the Freeport East free trade zone in Suffolk, United Kingdom, with an investment of £45 million. With this investment, we will contribute to green building trends in the UK and European markets through logistics centers and projects focused on energy efficiency. We continue to advance our investments in renewable energy. We added a solar power plant with an installed capacity of 10 MW in Karaman to our portfolio. As part of our efforts to expand in the mobility sector, we partnered with the global motorcycle giant Royal Enfield and established K-Rides, bringing various models across different segments to the Turkish market. We make all our investments with a holistic approach that considers not only economic performance but also human and environmental capital. We believe that a business model focused solely on profit is not sustainable in the long term, and that a sustainable business can only be achieved through a human- and environmentally conscious approach. We strive to create greater value for communities, our employees, and our business partners.
The “Kibar Group 2030 Sustainability Strategy”, the “Kibar Group Green Transformation Action Plan,” and sector-specific roadmaps we have prepared based on the Paris Agreement, the United Nations 2030 Agenda, the European Green Deal, and international sustainability standards form a solid foundation for our green transformation process. In this process, we are undertaking the necessary efforts to achieve the net-zero emissions target by 2050.
We adopt a production model focused on sustainability within the scope of the circular economy, which is one of the most important tools for achieving this target. Thanks to our strong R&D infrastructure, continuous innovation culture, and technological expertise, we develop innovative and sustainable products. We operate with the awareness that ecological impacts must be minimized across our entire value chain. Our transparent decision-making processes and accountability mechanisms form the foundation of our communication with stakeholders. We take a forward-looking approach and proactively lead initiatives in the areas of demand and financial system transformation.
The greatest force behind our success for more than half a century is undoubtedly our qualified workforce—a large team of 5,000 people. We firmly believe that our employees will drive the transformation—which we regard as a business strategy going beyond mere compliance—and will lead the process. I would like to thank our colleagues, business partners, and all stakeholders who support us in creating sustainable value.
Ali Kibar
Chairperson of the Board of Directors