Akenerji’s Net Profit Reaches 986 Million TL in Nine Months

Forex - Akenerji (IS:AKENR) announced a revenue of 18 billion TL and a net profit of 986 million TL in the first nine months of the year. During the same period, the company generated 1.35 billion TL in EBITDA.

The strategic partnership between Akkök Holding, one of Turkey's longstanding industrial groups, and Czech energy company ČEZ, Akenerji achieved 1.35 billion TL in EBITDA and 18 billion TL in sales revenue. Implementing inflation accounting led to the indexing of its non-monetary assets, primarily composed of tangible fixed assets, resulting in a net profit of 986 million TL for the same period.

Akenerji CEO Serhan Gençer stated, "The increase in the price cap applied in the electricity market since July and the temperatures above seasonal norms in July, August, and September boosted electricity demand, positively impacting our profitability and cash flow." He added, "With 35 years of experience and a skilled workforce, Akenerji possesses a flexible structure capable of quickly adapting to changes in climate and market conditions. The improvement in cash flow that started in the second quarter and continued in the third quarter is a clear indication of our efficient use of our diversified production portfolio in renewable energy and natural gas."

Akenerji CFO Özge Özen Aksoy remarked, "As Akenerji, our financial priority is to maintain our cash flow at a sustainable level by adapting to fluctuating market conditions and supporting our EBITDA. Thanks to the credit amendment agreement we signed last September, all our TL and USD-based liabilities with a maturity of December 2024 have been converted to US dollars and restructured with an 18-month maturity." She continued, "This has eased our company's cash flow and positively affected our financial sustainability. In the upcoming period, we will continue to focus on operational profitability and efficiency. In the last quarter of the year, we aim to increase our cash flow by demonstrating the necessary flexibility and dynamism in line with our sustainable business strategy."