Aksa Energy announced its consolidated financial results for the first 9 months of 2022. The company has determined its next target as energy investments in the European market and renewable projects in a diverse geographical range.
Net profit: TRY 3.91 billion, up 381%
Revenues: TRY 33.7 billion, up 305%
EBITDA: TRY 5.3 billion, up 204%
Continuing its overseas investments with full pace, Turkey's largest publicly traded global electricity producer, Aksa Energy, increased its net profit by 381% compared to the same period of the previous year to TRY 3.91 billion. Increasing its sales revenues by 305% in the first 9 months of 2022, Aksa Energy announced TRY 33.7 billion in revenues.
Aksa Energy reflected its operational success to its consolidated 9-month financial results and reported EBITDA of TRY 5.3 billion which is a steep rise of 204% compared to the same period of last year. Aksa Energy announced its net financial debt to EBITDA ratio of 1.1 and underlined that the Company has managed to keep this ratio below industry average even during record investment of 3 power plants with a total installed capacity of 740 MW in Uzbekistan.
"We are closely following the opportunities in Europe and renewable energy projects in a diverse geographical range”
Aksa Energy Chairman and CEO Cemil Kazancı evaluated the company performance for the first 9 months of 2022 and underlined that they are closely following the investment opportunities in Europe and renewable energy projects in a diverse geographical range in order to expand Aksa Energy's asset portfolio.
"We continue our investments in line with our sustainable high growth target without compromising on operational excellence in our 12 power plants in 7 countries. We have signed a new USD based 15-year power purchase agreement with ECG regarding the sale of electricity generated from our 370 MW Ghana Power Plant thanks to our success in the natural gas conversion process and power generation operations with dual fuel technology at the power plant. On the other hand, we work hard on commissioning our 240 MW Kyzylorda combined heat and power plant within 2025 which we have signed its official agreement in September in Kazakhstan. We closely follow the energy projects in Europe and renewable energy projects in different geographies in line with our sustainable high growth target. So that we can sustain our success and crown our achievements by diversifying both our assets and revenues with new projects."