Aksa Enerji Increases EBITDA to 5.3 Billion TL in the First 9 Months of the Year
In the first nine months of 2024, Aksa Enerji (IS:AKSEN) achieved a EBITDA of 5.3 billion TL, with an increase in the EBITDA margin by 3 percentage points from 22% to 25%. Continuing its operations with 10 power plants in 7 countries and an installed capacity of 2,694 MW, Aksa Enerji announced its consolidated financial results for the first nine months of 2024. Focused on sustainable high growth as part of its 2030 Global Strategy, the Company has continued its domestic and international investments without interruption, maintaining strong performance through robust balance sheet management and cost control. The Company succeeded in limiting the increase in operational expenses to 28%, below inflation, bringing its EBITDA to 5.3 billion TL, while the EBITDA margin rose by 3 percentage points year-on-year to 25%. During this period, the Company's net profit was 2.3 billion TL.
Cemil Kazancı, Chairman and CEO of Aksa Enerji, stated that the successful performance reflects the Company’s stable investments both in Turkey and abroad: “We continue to realize one of our targets in line with our 2030 Global Strategy, which is sustainable high growth. We are demonstrating strong financial performance through our investments in Turkey and abroad. By 2030, we aim to further strengthen our operational processes and enhance our competitiveness.
In this context, we are contributing to energy supply security with the Talimercan plant in Uzbekistan, where we commissioned our first units in September 2024, and with the recent capacity increase of 50 MW resulting from the modernization process of the Tashkent B and Bukhara natural gas plants in Uzbekistan, which have an installed capacity of 230 MW and 270 MW, respectively. Furthermore, we have structured and activated a Center of Excellence to support our teams within the framework of our 2030 Global Strategy. We believe that this center will guide Aksa Enerji employees in carrying their current successes into the future with a lean, agile, and strong structure.”
Sustainable High Growth Investments in Uzbekistan and Ghana In the third quarter of 2024, Aksa Enerji began commercial production by commissioning the first units of its 430 MW natural gas combined cycle plant in Talimercan, Uzbekistan, in September 2024. The plant is expected to continue commercial production as a combined cycle with a total capacity of 430 MW starting January 2025. With this investment, the Company's total installed capacity in Uzbekistan will reach 1,220 MW.
At the same time, the first phase of the conversion project to dual fuel at the Tema Plant in Ghana was completed. By 2025, the plant's carbon emissions are expected to decrease, with an anticipated 30% increase in annual EBITDA contribution.