Söke, which realized the highest amount for a public offering in the history of Borsa Istanbul with a total demand amount of 68.7 billion TL, made an agreement to purchase 12.65 percent of Rudi’s, which is the leading producer of bakery products in the USA, on September 22, 2023, within the scope of its strategy of growing abroad and investing in high value-added areas of the food sector. The negotiations were initiated on 25.08.2023 to purchase the minority shares of Rudi’s, which was founded in 1976 in the state of Colorado, USA, and has the leading food certificates in the USA, and specializes in the production and distribution of organic, gluten-free, delicious bread and bakery products. Rudi’s, having a reputation for nutritious, delicious, preservative-free breads and buns, launches its gluten-free products in a special gluten-free facility. Söke will expand its gluten-free market with Rudi’s, which produces organic bagels, bread, buns and gluten-free bread, tortillas and buns. Dr. Eren Günhan Ulusoy, Chairman of the Board of Söke, giving information about the financial figures of Söke, which closed the year 2022 with a sales revenue of 2 billion 489 million TL, said “We achieved a sales revenue of 2 billion 489 million TL by the end of 2022, with a growth of 494 percent though the sales revenue of 419 million TL in 2019. In the first half of 2023, we achieved sales revenue of 1 billion 911 million TL. It has been an increase of 101 percent compared to the same period last year. Considering EBITDA, we reached 293 million TL with an average annual growth of 119 percent in the last 3 years. As of June 30, 2023, our net profit was 176 million TL.” Dr. Eren Günhan Ulusoy, adding that they broke a record in the history of Borsa Istanbul with Söke’s public offering, said “With the total demand amount of 68.7 billion TL, we realized the highest amount for a public offering in the history of Borsa Istanbul. We collected demand at a fixed price of 7.5 TL on 4-5-6 January 2023 and went public on 12 January 2023.”
It will meet its own energy needs with solar energy
Dr. Eren Günhan Ulusoy, chairman of the Board of Directors of Söke, also gave information about Söke’s new growth plans, stated that they also invested in renewable energy and children’s play dough apart from the investment in the USA. He said “We are establishing a solar power plant with an installed power of 11,000kW on a 105-decare land in Ilgın district of Konya. Thus, we will meet Söke’s annual energy need of 16 million kWh. Apart from this, we purchased 60 percent of Gen Toys on March 29, 2023, in order to provide our children with healthy toys and to support their imagination. Gen Play Dough, which is Turkey’s first CE certified, ISO Food Safety Certified, chemical-free handmade play dough in compliance with EN-71 Standards, is made from wheat flour. On the other hand, in the first half of 2024, we want to move our leadership in the flour sector to the bakery products sector by stepping into the bakery products sector with Söke cookies.” Söke, having left 60 years behind, embraces its roots and launches the fodula (stuffed bread) project together with Sökeli Women’s Cooperative. The aim is to increase the awareness of local stuffed bread and introduce it to the next generations within the scope of the social responsibility project. It is also planned that fodula, of which product registration has been received and geographical marking studies are ongoing, will be put on the market as a frozen product in the future.
A new record will be broken in flour exports in 2023
Dr. Eren Günhan Ulusoy, who is, at the same time, the Eurasia President of the International Association of Flour Industrialists and Cereals Producers (IAOM), also shared information about wheat production in the world and in Turkey. “Although world wheat production will increase by 23 million tons in the 2022/23 period compared to the previous period, consumption is expected to be 804 million tons in the 2023/24 period. When we look at the sector dynamics, the most important factors affecting wheat prices are the demand of countries that are not self-sufficient in wheat consumption and the wheat exports of countries with excess wheat supply. Ulusoy, who is saying that Russia is still the country, having the most exports, with 31 percent, according to the International Grains Council (IGC) data. While wheat production in Turkey increased by 2 million tons compared to the previous period in the 2022/23 period and reached 21 million tons, the consumption is still the same as 23 million tons as of the 2019/20 period, Ulusoy said that Turkey is flour export champion for 9 years and pointed out that they wanted the grain corridor to continue. Dr. Eren Günhan Ulusoy said “Due to its geographical location, Turkey can also export to regions that are not suitable for growing wheat, such as the Middle East and North Africa and also is able to easily supply raw materials. Therefore, the continuation of the grain corridor is important for sending wheat to 3rd world countries. Turkey closed 2022 with 3 million 40 thousand tons of flour exports and is preparing to close 2023 with 3 million 600 thousand tons of flour exports. This means an export success of 1 billion 500 million dollars.”
