Why have Turkish stock index returns held up despite very high inflation and lira devaluation?

I’m confused about something in the Turkish market. I know Turkey has had very high inflation, and the Turkish lira has depreciated heavily, so I would normally expect equity returns in USD terms to look quite poor. But when I look at the last 5 years, BIST 100 and BIST 30 seem to have held up surprisingly well, roughly keeping pace with the S&P 500 in some comparisons even after accounting for the currency decline. I’ve also noticed that some actively managed Turkish funds, such as IIH, appear to have done even better, which makes this even harder for me to understand. What explains this? Is it simply that Turkish companies’ nominal revenues and asset values rose fast enough to offset inflation and currency weakness? Or am I comparing the returns incorrectly? I’d appreciate it if someone could explain what I may be missing.