Consus Enerji Reports Revenues of 993 Million TL and Net Profit of 22.2 Million TL in First 9 Months of the Year
Foreks - Consus Energy announced its financial results for the first nine months of 2024. Consus Energy's revenues stood at 993 million TL, while its net profit was 22.2 million TL.
In evaluations regarding future period targets, Consus Energy's General Manager Atay Arpacıoğulları stated, “While continuing our investment processes, we have increased our installed capacity to approximately 100 MW by the end of the first nine months of 2024; with the plants expected to be commissioned soon, this capacity will exceed 108 MW. Additionally, as a result of the evaluation from the tender we participated in at the beginning of 2024 in the Bahamas, it has been reported to us that the project, including a facility with approximately 85 MW of installed capacity intended to meet the electricity needs of two islands in the region for 25 years, has been won by our partnership. We believe that this project presents a significant growth opportunity for Consus Energy and allows us to expand our operations abroad. We will continue to focus on projects in the region in the upcoming period."
As one of Turkey's pioneering firms in renewable energy and distributed energy plants focused on self-consumption, Consus Energy reported its financial results for the first nine months of 2024. During this period, revenues were realized at 992 million 700 thousand 714 TL, impacted by the low market settlement prices (PTF) and inflation accounting practices compared to the same period last year. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased by 18% compared to the same period of the previous year, amounting to 232 million 532 thousand 148 TL. Effective cost control had a positive impact on EBITDA, while the ceiling price application in the electricity market and the increase in foreign exchange rates had an adverse effect on the rate of TL inflation on EBITDA. Despite the positive effects of monetary gains and deferred taxes resulting from inflation accounting, the company's net profit was impacted negatively by increasing financing costs due to rising borrowing costs, resulting in 22 million 226 thousand 534 TL.
Our progress aligns with our solar-focused growth strategy Evaluating the financial and operational performance for the first nine months of 2024, Atay Arpacıoğulları stated, "Continuing our investment processes during the first nine months of this year, we have increased our installed capacity to approximately 100 MW by commissioning new plants, and with the 6.7 MWp auxiliary source solar power plant we installed at one of our biomass plants in October 2024 and our solar plants in the distributed business line expected to be commissioned in the final quarter of the year, this capacity will exceed 108 MW."
Arpacıoğulları also announced that stable production activities in biomass plants continued successfully during the first nine months of 2024. He added that investments related to approximately 3.5 MWp auxiliary solar capacity within the biomass facilities have been completed, and the additional 6.7 MWp auxiliary solar investment at the biomass plant located in Mardin was also brought into operation at the beginning of October this year.
Two more solar plants have been commissioned in the distributed energy business line, and new investments are ongoing Noting that efforts to expand the production portfolio continue at full speed, Arpacıoğulları explained that project development activities for distributed solar plants focused on efficiency with potential customers from various sectors are ongoing. He stated, “With the commissioning of two more projects in the distributed energy business line, we have increased our installed capacity to 59.3 MW and the number of our facilities to 11. Additionally, we signed a new contract with another subsidiary, which holds the majority shares in Global Investment (IS:GLYHO) Holding A.Ş., for the establishment and operation of a solar power plant of up to 3.7 MWp capacity on land for the company's self-consumption at the end of April 2024. The investment process for this project is ongoing, and we plan to commission this plant within the last three months of 2024. We will continue to emphasize solutions for cost-efficiency in both the private and public sectors in our distributed energy business line in the future."
The tender bid submitted in the Bahamas was positively received in September 2024, and work on the project continues at full speed He pointed out that in addition to domestic projects in the solar sector, overseas opportunities are also being pursued, and projects in various countries are being evaluated. As a result of these efforts, in the first quarter of 2024, a bid was submitted for a total of 111 MW capacity power plant investment, including natural gas and solar energy plants along with storage systems, to meet the electricity needs of three islands announced by the Government of the Bahamas Department of Energy and Transportation and Bahamas Power and Light Company, covering a 25-year electricity sales agreement based on USD prices. Atay Arpacıoğulları indicated that the relevant tender was won in September 2024. Summarizing the results of the announced tender, he remarked, “At this stage, the project won for the electricity needs of two islands comprises approximately 65 MW from natural gas and solar energy plants, with the remaining approximately 20 MW from energy storage systems, totaling an installed capacity of about 85 MW, is expected to complete its investment process by 2026, with the power plants being commissioned and operational processes commencing."
Arpacıoğulları continued, “While maintaining our investments aimed at expanding our portfolio and business development activities, prioritizing cost-saving efforts and increasing efficiency in all our business lines, achieving significantly better results by the end of 2024 will be our common goal.”