Having successfully commissioned the largest global investment in its history in Uzbekistan, Aksa Energy increased its net profit by 5.6 times compared to the same period of previous year and reported TRY 1.2 billion net profit in the first quarter of 2022.
ISTANBUL – Aksa Energy announced its consolidated financial results for the first three months of 2022 on Public Disclosure Platform (PDP). The company operates in 7 countries started 2022 with strong financial results.
In the first quarter of 2022, Aksa Energy increased its net profit more than 5 times compared to the same period of the previous year, with the contribution of hard currency based returns from its overseas operations and reported TRY 1.2 billion net profit. Aksa Energy’s EBITDA grew by 212% compared to the first quarter of the previous year to TRY 1.5 billion while its EBITDA margin reached 26%. Revenues reached TRY 5.9 billion thanks to successful operations of company’s domestic and overseas power plants.
Cemil Kazancı: “We will maintain our steady growth in 2022”
Aksa Energy Chairman and CEO Cemil Kazancı stated that “2022 will be the year that we will be harvesting the fruits of our overseas investments. We are targeting TRY 24 billion of revenues and TRY 5.5 billion of EBITDA by the year-end. Aksa Energy’s first quarter results reflects our solid path towards our year-end targets.”
Mr. Kazancı also stated that they will continue the global investments without slowing down. “We managed to keep our net financial debt to EBITDA ratio below industry average at 1.67 during our fast paced global investment period. We will allocate 80% of our investment budget of TRY 1.3 billion to overseas projects. Currently we have more than 2,700 MW total installed capacity and almost half of this capacity is located abroad. We will keep our hardwork and continue our steady growth in 2022” said Mr. Kazancı.