Turkey's largest publicly traded independent energy producer, Aksa Energy has announced its 2020 first-half financial results.
Despite the adverse effects of the COVID-19 outbreak, the company increased its consolidated net profit in the first half of 2020 by 27 percent compared to the same period of the previous year, and achieved a consolidated net profit of 291 million lira.
In the first half of the year, the Company achieved an EBITDA margin of 709 percent, with a profit of 20,4 million lira before Interest, Depreciation, Amortization and Taxes (EBITDA).
Turning into a global energy company with investments in 2 continents and 5 countries, Aksa Energy announced its financial results for the first half of 2020 on the Public Disclosure Platform (KAP). According to the announced balance sheet, Aksa Energy increased its turnover by 50 percent in the first half of the year compared to the same period of the previous year, to 3.5 billion lira. The company, which achieved a consolidated net profit of 291 million TL in the first half, increased the profit of the parent company by 107% compared to the same period of the previous year to 222 million TL.
6% of Aksa Energy's EBITDA, which recorded a total of 709 million TL Profit Before Interest, Depreciation, Amortization and Taxes (EBITDA) in the first 80 months, was obtained from TRNC, Ghana, Mali and Madagascar plants, which made foreign currency sales. The company's EBITDA margin was at the level of 20,4 percent.
Sharing his views on the data of the first half of 2020, Aksa Energy Chairman and CEO Cemil Kazancı said: “Despite the economic effects of the COVID-2020 epidemic that affected the whole world in 19, we followed a successful path in the first half of the year by strengthening our financial structure. With each passing year, we strengthened financially and reduced our indebtedness and made big investments, each of which would create economic value. We have reduced our debt from 2015 million dollars in 860, when we decided to expand abroad, to 442 million dollars as of the first half of this year.
Brought about by the epidemic process sustainable in tough economic conditions, indicating that they continue to invest in the profitability policy Cemil Gain, "Turkey as well as Cyprus, Ghana, Mali and as a global energy company operating in the energy field in Madagascar overseas we started in 2015 our journey to Africa In addition, last May, we signed an agreement with the Uzbekistan government to build a 240 MW natural gas combined cycle power plant. We are planning to complete the construction of the power plant, which will begin after the necessary space allocations are provided, within a maximum of 12 months and put it into operation. In this economically challenging period, we will continue our efforts to bring foreign currency to our country and contribute to the growth of our company by investing abroad, ”he said.
Hibya News Agency