Renewables firm Aydem triples revenues

ISTANBUL

Aydem Yenilenebilir Enerji, Türkiye’s largest company producing energy from 100 percent renewable sources, increased its income more than three times to 3 billion Turkish Liras in the first nine months of 2022 compared to the same period of last year.

Its EBITDA grew around 338 percent on an annual basis to stand at 2.79 billion liras.

In the third quarter of 2022, Aydem’s revenues amounted to 967.6 million liras, up from 276.5 million liras in the same quarter of last year.

The company’s gross profit improved from 387 million liras in January-September 2021 to 1.96 billion liras in the first nine months of 2022.

“With the effect of our value-added investments, our total assets increased by 7 percent compared to the end of the previous year and reached 24.2 billion liras,” said Ömer Fatih Keha, the general manager, evaluating the company’s latest financials.

Due to the fact that Aydem’s energy production exceeded 38 percent compared to the same period of last year and the effect of new market conditions, the company increased its net profit, which was 8 million liras in the first nine months of last year, to around 906 million liras this year, he added.

The company’s energy output reached 2,024 GWh in the third quarter, according to Keha.

“Our work continues at full speed in line with the 35 percent growth target in our installed power until the end of 2023. We plan to start operating our hybrid solar power plant project in [the province of] Uşak at the end of 2022 by using efficient technological facilities,” Keha said.

He also said that the company’s repurchases from Eurobond issuance continued in the third quarter.

“As of Sept. 30, we reduced our debt cost by recovering the Eurobonds of our company with a nominal value of $39.2 million. The current amount of our ongoing Eurobond repurchases has reached $45.8 million.”