Aksa Enerji Increases EBITDA to TRY 5.3 Billion in the First Nine Months of the Year

As Türkiye’s largest publicly traded independent power producer, Aksa Enerji recorded an EBITDA of TRY 5.3 billion in the first nine months of 2024, increasing its EBITDA margin from 22% to 25%, a rise of 3 percentage points.

Operating with 10 power plants across 7 countries and a total installed capacity of 2,694 MW, Aksa Enerji has announced its consolidated financial results for the first nine months of 2024. With a strong focus on sustainable high growth under its 2030 Global Strategy, the Company continued its domestic and international investments without interruption, maintaining its robust performance through sound balance sheet management and cost control. The Company successfully limited its operational expense increase to 28%, remaining below the inflation rate. As a result, EBITDA reached TRY 5.3 billion and the EBITDA margin rose to 25%, up 3 percentage points year-on-year. Net profit during the period was TRY 2.3 billion.

Cemil Kazancı, Chairman and CEO of Aksa Enerji, emphasized that this strong performance reflects the Company’s consistent investments in Türkiye and abroad:

“We continue to realize one of the key goals of our 2030 Global Strategy—sustainable high growth. Our investments in both Türkiye and international markets are delivering solid financial results. By 2030, we aim to further strengthen our operational processes and increase our competitive edge.

In this context, we commissioned the first units of our Talimercan Natural Gas Combined Cycle Power Plant in Uzbekistan in September 2024. We also recently completed a 50 MW capacity increase as part of the modernization of our Tashkent B and Bukhara natural gas power plants, with 230 MW and 270 MW of installed capacity, respectively, contributing to energy supply security in the region.

Additionally, as part of our 2030 Global Strategy, we have established and launched our Center of Excellence to support our teams. We believe this center will play a guiding role in carrying the achievements of Aksa Enerji employees into the future with a lean, agile, and robust structure.”

Sustainable High-Growth Investments in Uzbekistan and Ghana

In Q3 2024, Aksa Enerji began commercial operations at the Talimercan Natural Gas Combined Cycle Power Plant in Uzbekistan, commissioning the first units of the 430 MW facility in September. The plant is expected to become fully operational with combined cycle configuration in January 2025, bringing Aksa Enerji’s total installed capacity in Uzbekistan to 1,220 MW.

During the same period, the first phase of the dual-fuel conversion project at the Company’s Tema Power Plant in Ghana was completed. Starting in 2025, the plant is expected to reduce its carbon emissions and increase its annual EBITDA contribution by 30%.