Turkish telecommunications giant Türk Telekom has reported the highest first-quarter revenue growth since the initial public offering in 2008.

Türk Telekom generated TL 5.4 billion in revenue, a 15.3 percent growth in the first three months of this year, according to the financial and operational results released by the company. The telecom giant's net profit tripled compared to the same period last year and stood at TL 310 million in the first quarter.

Türk Telekom's earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 34.7 percent compared to the same period the previous year, hitting TL 2.7 billion. The EBITDA margin, which improved by 7.1 percentage points compared to the previous year thanks to effective cost management, saw the highest figure of the last 12 years with 49.1 percent.

Evaluating the results, Türk Telekom CEO Dr. Paul Doany stressed that they retained 2018's strong performance full of records in 2019 as well. "We are preparing Turkey for the future by continuing our investments in infrastructure and new generation technologies non-stop," Doany said.

"With the support of our new management and the synergy we have caught, we increased our EBITDA margin to a record level by focusing on our operational efficiency in the first quarter of the year," he continued. "Meanwhile, we have achieved the highest first-quarter revenue growth since the IPO in 2008. We nearly tripled our net profit compared to the same period last year. With fiber household access exceeding 19.1 million, we have come closer to our goal of mobile market share with over half a million mobile subscribers. All these results have come true with a dedicated team and the successful implementation of a sound strategy." Doany also said that they developed new derivative products to protect against exchange rate fluctuation. "We increased our hedging rate from 13 percent only two years ago to 84 percent in the first quarter," he noted. "Reducing our foreign currency risk at this rate will enable us to achieve a more predictable net revenue and sustainable dividend by lowering the impact of exchange rates on our financials."