Dear Stakeholders,

We enjoyed a strong year of double digit growth paralel to our country’s performance during which our factories produced and sold at capacity.We started to reap the benefits of new products we introduced and new capacities we installed in the previous years.We plan to continue investing in our Brick,Sack and Foundry factories in 2018 and continue growing over and above the national growth rate target.
We merged our two listed sub holdings(IEYHO and USAS) under IEYHO(Isiklar Energy and Construction Holding)and are pleased about Istanbul Stock Exchange decision to include IEYHO in BIST 100 Star index starting from 1st of January.
In 2018 we plan to start developing modern real estate projects in various Anatolian cities where our group companies own substantial real estate.Our real estate development company Isiklar Park will be spearheading this development which will create significant value added for our group.
We expect the war with Isis to end in Iraq and Syria and rebuilding to start in 2018.Our cement sack factory in Arbil,Northern Iraq and our building material product factories in Turkey are strategically located to take part in this huge market that will come about.Our contacting companies Ozisik,Nigbas and Cimtek are closely monitoring the region as well.
We will also be looking out for renewable energy investment prospects in Turkey for Hydro and Solar ,ofcourse in modest size for our group.
We firmly believe in the future of our strong nation and will continue to grow with investments,increase our overall employment and continue doing our share.We are proud to be an important member of the Turkish private sector for more than 5 decades.
I hope 2018 will bring health ,happiness and success to you and your families and peace and prosperity to our region.

Best regards,

Rıza Kutlu Işık
Chairman and CEO