Ihlas Holding AS

What Ihlas Holding AS does

İhlas Holding A.Ş. is a publicly listed Turkish diversified conglomerate (Borsa İstanbul ticker IHLAS) founded in 1970 by Enver Ören and currently led by Chairman Ahmet Mücahid Ören. Headquartered in Yenibosna, Istanbul, the group operates approximately 20+ subsidiaries across six business segments: media and communications (Türkiye Gazetesi newspaper — Turkey's #1 by circulation at 101,600 daily copies; TGRT Haber/FM/Belgesel/EU broadcasting; İhlas Haber Ajansı news agency distributing to 2,000+ clients across 51 countries; and Dijital Varlıklar digital media), construction and real estate (İhlas İnşaat, İhlas Gayrimenkul, İhlas Yapı, Kuzuluk Kaplıca thermal spa, Armutlu holiday resort), retail and consumer products (170 İhlas Mağazaları stores across all 81 Turkish provinces plus İhlas Pazarlama exports to ~50 countries; İhlas Ev Aletleri appliance manufacturing; KPT Lojistik; Şifa Yemek), healthcare and education (Türkiye Hastanesi hospital and İhlas Koleji K-12 schools), venture capital (İhlas GSYO), and energy investments executed through 44%-owned Orta Asya Investment Holding.

The group's technology footprint spans satellite newsgathering, a fleet of live broadcast vehicles, AI-supported content production for digital media platforms, ESG-certified printing operations (Turkey's first ISO 14064-1 carbon footprint certification for a printing company), and digital transformation programs across media and education. Six subsidiaries are publicly listed on Borsa İstanbul (İhlas Holding, İhlas Yayın Holding, İhlas Gazetecilik, İhlas Gayrimenkul, İhlas Ev Aletleri, and İhlas Haber Ajansı / IHAAS), and İHA's 2021 IPO was 10.6x oversubscribed.

Revenue is generated through multiple mechanics: advertising and subscriptions across media properties, retail and wholesale sales across 170 domestic stores and ~50 export countries, B2B news service fees from 2,000+ clients, construction contracting and real estate sales, healthcare service fees and education tuition, and forward energy sales under long-term Power Purchase Agreements with the Government of Kyrgyzstan. The single most strategically significant initiative is the $7B+ Central Asian energy program — Kazarman (912 MW) and Kokomeren (1,305 MW) hydroelectric plants plus the Bishkek CHPP-2 (250 MW) combined-cycle gas plant — which represents the largest single Turkish investment in Kyrgyzstan and targets 8 billion kWh of annual generation.

Name

Ihlas Holding AS

Legal name

İHLAS HOLDİNG ANONİM ŞİRKETİ

Website

https://ihlas.com.tr

Company type

Public

Founded year

1970

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

İhlas Holding is a 1970-founded Turkish diversified conglomerate operating media (Türkiye Gazetesi, İHA news agency, TGRT broadcasts), 170-store retail, construction, manufacturing, healthcare, and education, with a major $7B+ Central Asian energy buildout through its 44%-owned Orta Asya Investment Holding in Kyrgyzstan.

Ownership category

akta.pro rank

Headquarters

HQ city

Istanbul

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Marketing or Sales, Technology or R&D

Revenue model

1. Media Operations: İhlas Holding operates one of Turkey's most significant media conglomerates comprising Türkiye Gazetesi (56-year-old newspaper with circulation of 101,600 as of April 2025, ranking #1 in Turkey), TGRT Haber (TV news channel), TGRT FM (radio), TGRT Belgesel (documentary channel), TGRT EU, İhlas Haber Ajansı (İHA, news agency with 2,000+ clients in 51 countries), and Digital Assets division. Revenue is generated through advertising, subscription, content licensing, and news service fees.
2. Retail and Consumer Products: İhlas Pazarlama operates 170 retail stores (İhlas Mağazaları) across Turkey, offering a wide range of consumer products with various payment options. The segment also includes export operations reaching approximately 50 countries with award-winning brands. İhlas Ev Aletleri manufactures home appliances. Revenue is generated through retail sales and wholesale distribution.
3. Construction and Real Estate: İhlas İnşaat (construction) and İhlas Gayrimenkul (real estate project development) develop residential, commercial, health, and education complexes. Revenue is generated from property sales and construction contracting.
4. Energy and Sustainability Investments: Through its strategic subsidiary Orta Asya Investment Holding (44% effective ownership), İhlas Holding develops large-scale energy infrastructure in Kyrgyzstan including the Kazarman Hydroelectric Power Plant (912 MW, ~$3 billion investment) and the Kokomeren Hydroelectric Cascade (1,305 MW), and Bişkek CHPP-2 Natural Gas Combined Cycle Plant (250 MW, $300 million). Total planned energy investments in Kyrgyzstan exceed $7 billion. The company also holds a 10% stake in a renewable energy joint venture (200 MW solar + 65 MW ESS) with CEEC and Sungen Solar.
5. Healthcare and Education Services: Türkiye Hastanesi (İstanbul-based multi-specialty hospital) and İhlas Koleji (educational institutions) generate revenue through service fees and tuition respectively.
6. Logistics, Catering and Other: KPT Lojistik provides logistics and transportation services; Şifa Yemek provides catering and food production services. Revenue from logistics fees and catering contracts.
7. Venture Capital Investments: İhlas Girişim Sermayesi Yatırım Ortaklığı A.Ş. (İhlas GSYO) is a venture capital investment partnership that makes strategic investments in startups and growth-stage companies, generating returns through capital gains and portfolio dividends.

Go-to-market motion2 records

Distribution channels7 records

Marketing channels8 records

Core offering

İhlas Holding A.Ş. is a diversified Turkish conglomerate operating across media (newspaper, TV, radio, documentary channels, news agency serving 51 countries), retail (170-store chain across Turkey), manufacturing (home appliances, packaging, printing), construction and real estate development, healthcare (multi-specialty hospital), education (K-12 schools), logistics, catering, venture capital, and large-scale energy infrastructure in Kyrgyzstan (hydroelectric and natural-gas power plants exceeding $7 billion in planned investment).

Product overview

İhlas Holding A.Ş. is a diversified Turkish conglomerate operating as a platform-plus-subsidiaries model across multiple sectors. The holding manages a portfolio of 20+ subsidiaries and affiliates organized into six main business segments: (1) Media and Communication - encompassing Türkiye Gazetesi (newspaper), İhlas Haber Ajansı (news agency), TGRT channels (TV news, FM radio, documentary, EU broadcast), and Dijital Varlıklar (digital media); (2) Construction and Real Estate - including İhlas İnşaat, İhlas Gayrimenkul, İhlas Yapı, Kuzuluk Kaplıca (thermal spa), and Armutlu Tatil Köyü (holiday resort); (3) Production and Trade - comprising İhlas Pazarlama (retail chain with 170+ stores), İhlas Ev Aletleri (appliances), KPT Lojistik (logistics), Şifa Yemek (food production), İhlas Matbaacılık (printing), and İhlas Ambalaj (packaging); (4) Health and Education - including Türkiye Hastanesi (hospital) and İhlas Koleji (K-12 education); (5) Energy and Sustainability Investments - featuring major hydropower projects in Kyrgyzstan (Kazarman 1,200 MW, Kokomeren 1,305 MW, Bişkek CHPP-2 250 MW) and renewable energy in Turkey (200 MW solar); and (6) Venture Capital - İhlas Girişim Sermayesi Yatırım Ortaklığı. The company also operates IDA Esports in gaming and holds strategic investments through Orta Asya Investment Holding in Central Asia. Listed on Borsa Istanbul since 1972, the holding has a 54+ year history founded by Enver Ören and now led by Ahmet Mücahid Ören.

Differentiator

Problem solved

Functional benefit

Brands

• Türkiye Gazetesi: Flagship newspaper of İhlas Holding, founded in 1970, one of Turkey's most widely circulated newspapers with over 100,000 daily circulation.
• İhlas Haber Ajansı (İHA)
• TGRT Haber
• TGRT FM
• İhlas Mağazaları
• İhlas Koleji
• Türkiye Hastanesi
• IDA Esports
• Orta Asya Investment Holding
• İhlas Enerji Yatırımları

Products and services

• Türkiye Gazetesi Flagship national newspaper of İhlas Holding with a 56-year history, ranked #1 in Turkey by daily circulation (101,600 copies as of April 2025). Provides investigative journalism, national and international news, and is sold across all 81 Turkish provinces.
• İhlas Haber Ajansı (İHA) News Agency Turkey's first private news agency, distributing approximately 300 video reports, 1,000 written news items, and 3,000 photographs daily from 51 countries to 2,000+ institutional clients globally, with operations in Washington, London, Berlin, Moscow, Paris, Vienna, Athens, Brussels, Tehran, Baghdad, Erbil, Kuwait, Cairo, Dubai, Kabul, and Islamabad. IPO listed on Borsa İstanbul (IHAAS) in November 2021 with 10.6x oversubscription.
• TGRT Haber TV Channel Turkey's only programmatically scheduled 24/7 television news channel, delivering national and international news as part of İhlas Media Group.
• TGRT FM Radio Turkey's first and only programmatic radio broadcaster, part of İhlas Media Group.
• TGRT Belgesel Documentary Channel Documentary television channel under TGRT broadcasting documentary content to Turkish audiences.
• TGRT EU (European Broadcasting) European broadcasting arm of TGRT serving the Turkish diaspora in Europe via satellite distribution.
• İhlas Mağazaları Retail Chain 170-store nationwide retail chain operated by İhlas Pazarlama, covering all 81 Turkish provinces, offering a wide product range with various flexible payment options. Products exported to approximately 50 countries.
• İhlas Ev Aletleri Home Appliances Manufacturing Home appliances manufacturer (Borsa İstanbul-listed) producing consumer electronics and household appliances sold domestically and exported through İhlas Pazarlama to ~50 countries.
• Kazarman Hydroelectric Power Plant 912 MW hydroelectric power plant in Kyrgyzstan developed through Orta Asya Investment Holding under a ~$3 billion investment and 20-year Power Purchase Agreement with the Kyrgyz government, plus Karabulun-1 (149 MW) and Karabulun-2 (163 MW) stages.
• Kokomeren Hydroelectric Power Plant 1,305 MW hydroelectric power plant project in Kyrgyzstan developed under Orta Asya Investment Holding; combined 2,217 MW capacity with Kazarman and targeted to generate 8 billion kWh annually.
• Bishkek CHPP-2 Natural Gas Combined Cycle Plant 250 MW combined-cycle natural gas power plant in Bishkek, Kyrgyzstan, representing a $300 million investment under PowerChina EPC partnership, with planned 10 km hot water and 14 km gas pipeline extensions.
• Güneş Enerjisi Santrali (Solar Power + ESS) 200 MW licensed solar power plant plus 65 MW Energy Storage System developed through a joint venture of CEEC (80%), Sungen Solar (10%), and İhlas Holding (10%) in Turkey.
• İhlas İnşaat Group Construction Construction group developing residential complexes, holiday villages (Armutlu Tatil Köyü), thermal spa and health-tourism facilities (Kuzuluk Kaplıca), and integrated living spaces with educational, health, and entertainment facilities.
• İhlas Gayrimenkul Real Estate Development Real estate project development company (Borsa İstanbul-listed) specializing in residential and commercial property projects and integrated sites.
• Türkiye Hastanesi Multi-Specialty Hospital Full-service multi-specialty hospital in Şişli, Istanbul, providing healthcare services with experienced staff, modern technology, and AACI accreditation.
• İhlas Koleji K-12 Education K-12 educational institution with a 2025-2030 strategic plan emphasizing AI, big-data analytics, STEM education, coding, robotics, and international education standards.
• Dijital Varlıklar Digital Media & Internet Services Digital media division developing AI-powered content generation, video production, and digital platforms including the Türkiye Today global news portal, YouTube channels, Instagram presence, and IDA Esports gaming brand.
• KPT Lojistik Transportation & Logistics Logistics and transportation company providing domestic and international shipping services supporting the conglomerate's distribution operations.
• Şifa Yemek Catering & Food Production Food production and catering company providing meals and food products to institutional and corporate clients across Turkey.
• İhlas Girişim Sermayesi (GSYO) Venture Capital Borsa İstanbul-listed venture capital investment partnership making strategic investments in startups and growth-stage companies, generating returns through capital gains and portfolio dividends.
• İhlas Net Internet Services Technology and internet services company within the İhlas Group.
• Orta Asya Investment Holding Central Asia Energy Vehicle Strategic Central Asian investment vehicle established February 2024 that develops the $7 billion hydropower and natural-gas energy portfolio in Kyrgyzstan under Power Purchase Agreements with the Kyrgyz government.
• Kuzuluk Kaplıca Thermal Spa and Health Tourism Thermal spa and health tourism facility located in Kuzuluk, Sakarya, Turkey, operated as part of the conglomerate's wellness and tourism offerings.
• Armutlu Tatil Köyü Holiday Resort Holiday resort and tourism facility located in Armutlu, Yalova, Turkey, providing leisure hospitality services.

Quantifiable outcome

• Türkiye Gazetesi ranked #1 in Turkey by daily circulation (101,600 copies, April 2025), surpassing Sabah (100,623)
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered flagship and major.

• China Energy International Group Co. Ltd. (CEEC / CEOIC)flagshipStrategic or Co-development Partner · 1 February 2025CEEC, a subsidiary of China Energy (the world's largest energy company), partnered with İhlas Holding and Sungen Solar Enerji for a 250 MW renewable energy project in Turkey. The joint venture (80% CEEC, 10% Sungen Solar, 10% İhlas Holding) will develop 200 MW licensed solar power plant and 65 MW ESS (Energy Storage System). CEEC has been operating in Turkey since 2001 with over 70 completed projects. Total project investment approximately $400 million.
• Sungen Solar EnerjimajorStrategic or Co-development Partner · 1 February 2025Sungen Solar Enerji, one of Turkey's experienced renewable energy companies, partnered with İhlas Holding (10%) and CEEC (80%) for a 200 MW solar + 65 MW ESS project in Turkey. Sungen Solar contributes local Turkish market expertise and renewable energy project development experience to the joint venture.
• SemArco LLPmajorStrategic or Co-development Partner · 30 November 2024SemArco LLP, a major Kazakh energy and maritime construction company, partnered with Orta Asya Investment Holding and PowerChina for the Bişkek CHPP-2 project. SemArco brings expertise from Kashagan Oil Field Maritime Structures Project and Aktau Port Project in Kazakhstan, contributing to the regional energy infrastructure development.
• PowerChina International Group Limited (PowerChina)flagshipStrategic or Co-development Partner · 1 November 2024PowerChina International Group Limited, a global energy and infrastructure giant with annual revenue of $96 billion, is the primary EPC (Energy Performance Contracting) partner for the Bişkek CHPP-2 Natural Gas Combined Cycle Plant (250 MW) and technical partner for the Kazarman Hydroelectric Power Plant in Kyrgyzstan. The partnership was formalized through a MoU signed on November 30, 2024 in Bishkek, with PowerChina bringing its global track record including the Dawood Wind Energy Project (Pakistan), Nam Ou River Cascading Dam Project (Laos), and Dau Tieng Solar Energy Project (Vietnam).
• Hill InternationalmajorImplementation/ SI/ Consulting Partner · 1 February 2024Hill International, one of the world's leading project and construction management firms, provides technical consulting for the Orta Asya Investment Holding's energy projects in Kyrgyzstan. Hill International supports the Kazarman HES and Bişkek CHPP-2 projects with project management expertise across global infrastructure developments.
• İhlas Holding / Orta Asya Investment HoldingflagshipStrategic or Co-development Partnerİhlas Holding holds 44% effective ownership in Orta Asya Investment Holding Inc. (registered in Kyrgyzstan), which is the strategic investment vehicle for all Central Asian energy and infrastructure projects. Orta Asya Investment Holding was founded in February 2024 by Muhammet Haluk Sur to pursue economic prosperity and technology transfer across Turkic States Organization member countries. The company is the primary entity executing the $7 billion energy investment program in Kyrgyzstan.
• Kyrgyzstan GovernmentflagshipStrategic or Co-development PartnerThe Government of Kyrgyzstan is İhlas Holding's most significant strategic partner for the $7 billion energy investment program. Under bilateral Turkey-Kyrgyzstan agreements witnessed by Presidents Erdoğan and Caparov, the Kyrgyz government provides investment guarantees, power purchase agreements (PPA), and land for the Bişkek CHPP-2 (250 MW gas) and Kazarman/Kokomeren HES (2,217 MW total) projects.

Scale indicators14 records

Recent moves8 records

Expansion highlights7 records

Market position

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/IhlasHoldingAS
• Facebookfacebook.com/ihlasholding
• LinkedInlinkedin.com/company/ihlas-holding
• Instagraminstagram.com/ihlasholding

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries23 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ihlas Holding AS