Oksijen Newspaper
August 25, 2023
We inquired about the profit/loss status from Kerim Kemahlı, the CFO of Nurol Group and one of the key partners in the Istanbul-Izmir Motorway Project.
Kerim Kemahlı stated, “We’ve incurred losses since 2019 primarily due to fluctuations in the exchange rate related to the 5-billion-dollar foreign currency loan. However, we anticipate turning a profit from 2026 onwards as we near the project’s completion in 2035. The prospect of the project, where each of the 5 partners has invested 400 million dollars in equity, distributing dividends after a 14-year period, does not appear to be a profitable scenario for an entrepreneur.”