Astor Energy 3rd Quarter Balance Sheet Impressive Growth Rates (5)

Astor Energy 3rd Quarter Balance Sheet: Impressive Growth Rates

After the 3rd quarter financial statement announcement of ASTOR Enerji A.Ş., ASTOR Enerji A.Ş. Chairman of the Board Feridun GEÇGEL, ASTOR Enerji A.Ş. General Manager Hakan ÜNSAL, ASTOR Enerji A.Ş. Deputy General Manager-CFO Olcay DOĞAN, and ASTOR Enerji A.Ş. Deputy General Manager Fatih IŞIK met with a large number of press members over breakfast. The evaluation meeting, where the investment and 3rd quarter financial data for 2023 were shared, concluded with a question and answer session with the press members.

 Astor Enerji, with a 91% increase in its 3rd quarter balance sheet compared to the end of 2022, reached a total asset size of 12.2 billion TL. It also increased its revenue by 92% compared to the September 2022 period, reaching 8.9 billion TL. The company’s international sales accounted for 34% of its total revenue, and it increased its net profit by 177% compared to the September 2022 period, reaching 3.043 million TL.

Astor Energy 3rd Quarter Balance Sheet Impressive Growth Rates (1)

GEÇGEL stated, “Energy production begins with ASTOR,” emphasizing that the company generated 407 million USD in revenue during the 9-month period. He highlighted that Astor Enerji continues its production with its 6.6 MW rooftop solar power plants, providing clean energy. Astor Enerji’s products are used in various industrial production facilities, such as electricity generation, transmission, and distribution systems, as well as in sectors like iron and steel, cement, glass, paper, hospitals, shopping centers, and schools, serving both public and private enterprises. In other words, the products manufactured by our company are used at every stage from electricity generation to reaching the end-users.

According to the 2022 ISO-500 data, our company is the 128th largest industrial organization, and it holds the top position among transformer and switchgear manufacturers. Astor Enerji aims to achieve a revenue target of 540 million USD in 2023, having generated 407 million USD in the first 9 months of 2023. The total order value received by the company in the January-October period exceeded 680 million USD, indicating that the revenue target will be met with stronger production in the 3rd and 4th quarters.

Astor Energy 3rd Quarter Balance Sheet Impressive Growth Rates (2)

Hakan Ünsal, the General Manager of ASTOR Enerji A.Ş., mentioned that the company’s annual international sales increased by 253% on a yearly basis, reaching 3 billion TL compared to September 2022. In terms of USD, the exports that were 97.4 million USD in 2022 had reached 138 million USD by September 2023, marking a 43% increase. It is expected that exports in 2023 will exceed 200 million USD. As of September 2023, the products produced are exported to more than 90 countries, and the share of exports in total sales has reached 34%. The highest exports by region are to European Union countries, with 46%, followed by 21% to the Middle East and North Africa. Astor Enerji aims to continue contributing to the Turkish economy and foreign trade in the electromechanical sector with a sustainable approach in the coming years.

Astor Energy 3rd Quarter Balance Sheet Impressive Growth Rates (4)

Olcay Doğan, Deputy General Manager-CFO of ASTOR Enerji A.Ş., mentioned that according to the Energy Market Regulatory Authority data, the company ranks in the top 5 among the companies making the most investments. The global transformer production capacity is estimated to be equivalent to 4,400 GVA. Astor Enerji is experiencing annual growth, with significant growth in USD terms, reaching approximately 40%. The company has achieved strong and consistent growth in sales and profitability. ASTOR Enerji A.Ş. has increased its annual profitability by 177%. Our stocks account for 13% of the total assets. Strong financial assets supported by cash flow enhance our financial strength and resilience against market risks. We are consistently maintaining strong equity growth. Currently, we have more than 200 charging stations. Our current assets are sufficient to cover our short-term debts. Our workforce increased by 19% in the first 9 months, reaching 1,822 employees.

Astor Energy 3rd Quarter Balance Sheet Impressive Growth Rates (3)

Fatih Işık, Deputy General Manager of ASTOR Enerji A.Ş., highlighted the company’s commitment to continuous development and Research and Development (R&D) activities, emphasizing that the company values R&D highly. He mentioned that their motto this year was R&D focused on exports. Coincidentally, they are the 40th company in Turkey investing the most in R&D. They have also started R&D investments in electric charging stations and will introduce them soon. They have used 300 kW chargers in charging stations. This year, 50,000 electric vehicles were sold. In the first 9 months of 2023, the company’s total investment expenditure reached 469.3 million TL. Astor Enerji aims to sustain its contribution to the Turkish economy and foreign trade in the electromechanical sector with a sustainable approach in the coming years.

About ASTOR Enerji A.Ş.:

The company manufactures transformers and medium and high voltage switchgear products needed by industrial facilities and the energy sector in production, transmission, and distribution of electricity. They also engage in the import, export, purchase, and sale of the machinery, equipment, raw materials, products, and semi-finished products required for these productions. Additionally, the company provides field installation, commissioning, and field testing services as part of its after-sales services for its products.


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