Our Dear partner and employees;
We completed the year 2019, a very difficult year for the real estate sector, by taking firm steps towards our goals. Our company, as part of the Ziraat Finance Group, continues to be a pioneer in the sector with its high standard real estate investments.
In 2019 Turkey's economy has grown about 0.9%, while construction sector contracted by 18.6%. In such a macro environment we have managed to grow assets by 36% to 2.613 million TL asset size. Our investments has produced 7% return on equity.
Real estate sector has started this year hopefull with the momentum captured in the last quarter of 2019. But facing the Coronavirus pandemic in Q1 we have to make major downward revisions in economic growth forecasts for the country and the world economic outlook in general.
Our company continues its investments in line with the program to generate value for its shareholders. Our approach is to keep a solid cash flow and profitability by keeping sales and lease returns stable. In this framework, in the coming period; We will continue to manage our real estate portfolio with a dynamic approach by establishing a balance between investments generating solid lease income and investments that will benefit great value appreciations.
Ziraat GYO A.Ş.