Aydem Renewables Has Increased Its Revenue By 3 Times In The First Quarter

10.05.2022
Aydem Renewables Has Increased Its Revenue By 3 Times In The First Quarter

By a 3-fold increase in the first quarter of the year compared to the same period of the previous year, our Company has increased its revenue amount to 849 million TL and started 2022 with a rapid rise.  

Aydem Renewables, the largest company of Turkey that produces energy from 100% renewable resources, has announced its first quarterly consolidated financial report for 2022 on the Public Disclosure Platform (KAP).

Compared to the drop it has experienced in production due to the drought last year, the EBITDA of our Company has reached 683 million TL, with an increase of more than 3 times compared to the same period of the previous year, with the effect of returning to average precipitation levels in our country and foreign exchange proceeds this year. Aydem Renewables, of which 84 percent of its portfolio consists of hydroelectric power plants, has boosted its revenue to 849 million TL, with a threefold increase compared to the same period of the previous year, thanks to the positive effect of the rains in the first quarter.

Our Company, that has started the year 2022 with strong financial results, in which has continued to grow with its investments, has realized the parent company net profit at the level of 308 million TL in the first quarter of the year, with a 12-fold increase compared to the net profit achieved in the same period of the previous year.

Ömer Fatih Keha: “Our rise in the first quarter shall provide significant momentum for our financial performance.”

Evaluating the performance of the first quarter of 2022 and giving information about the new investments, our General Manager Ömer Fatih Keha said “The drought we had experienced last year had a negative impact on our energy production. With the precipitations this year, we have successfully left the first quarter behind, as we have predicted, as a period in which our Company displayed its normal performance. The precipitation that has occurred was also the precipitation we have expected in our long-term average. Throughout the year, our performance will continue in line with our expectations.” And continued his speech as follows: “We have recorded an increase of 3 times higher than the same period of the previous year in the first quarter, and generated a revenue of 849 million TL. With the effect of our value-added focused investments, our total assets have increased by 83 percent compared to the first quarter of the previous year and reached 23.1 Billion TL, while our shareholders' equity has increased by 74 percent to 9.4 Billion TL. Thanks to our effective portfolio management and high availability of our power plants, our EBITDA has been realized as 683 million TL in the first quarter, and as the consequence of the positive impact of precipitation on our generation and the increase in the market clearing price, we have closed the period with a profit of 308 million TL. As the result of the calculation made in dollars as of the end of the first quarter, we have realized the ratio of our net financial debt to our annual EBITDA at 5,1x. We anticipate that our rapid rise in the first quarter of 2022 shall reflect positively on our future financial performance and provide a significant acceleration. Alongside accomplishing our hybrid SPP and capacity increase investments, we aim to continue this rise by making the best use of the renewable energy opportunities that we closely follow.”  

Ömer Fatih Keha, stating that they have continued the profitable, sustainable and strong growth in the first quarter of the year, has expressed that we are passing through a conjuncture where the importance of renewable energy sources is understood more and more every day. Noting that they trust in and rely upon their potential as being one of the biggest and pioneering players in their own sectors, Keha said, "We continue our efforts to extend the strong performance of Aydem Renewables, which is the largest company of Turkey that makes production from 100% renewable resources, in the first quarter to the rest of the year. We are of the opinion that the path to reach a more livable future will pass through renewable energy. We are proud to be one of the strongest and stable players in the renewable energy sector, which contributes to the reduction of our country's dependence on foreign energy and of the current account deficit."

Aydem Renewables 1Q 2022/2021 Financial Results Table

 

1st Quarter of 2022

1st Quarter of 2021

Revenue

848.818.889 ₺

257.292.468 ₺

EBITDA

682.658.835 ₺

171.486.898 ₺

Net profit

308.137.673 ₺

22.907.275 ₺

Operating Profit

488.039.177 ₺

64.485.604 ₺

Shareholders’ Equity

9.359.637.320 ₺

5.377.160.321 ₺