Aydem Renewable Energy achieved a pre-tax profit of 542 million Turkish Lira (TRY) despite the drought experienced in the first quarter of 2023.

Aydem Renewable Energy announced its consolidated financial report for the first quarter of 2023 on the Public Disclosure Platform (KAP). Aydem Renewable Energy achieved a pre-tax profit of 542 million TRY in the first quarter of 2023, despite the drought, and its total assets reached 35 billion TRY.

Ömer Fatih Keha, the CEO of Aydem Renewable Energy, who shared the company’s financial data for the first quarter of 2023, said, “We continue our value-added investments rapidly. Our total assets continued to be over 35 billion TRY in the first quarter. With our effective portfolio management and the high efficiency levels we maintain in our power plants, we reached a pre-tax profit of 541,978,000 TRY in the first quarter.”

Keha noted that the Eurobond issuance and share purchases continued in the first quarter of 2023, stating, “In the first quarter, we continued to reduce our debt by repurchasing our company’s Eurobonds with a total nominal value of 1,679,000 US dollars. Our share buybacks since the beginning of the year have reached 2,605,026 shares.”

Regarding the company’s first quarter production in 2023, Ömer Fatih Keha said, “The rainfall was below expectations in the first quarter, which adversely affected our production. The first quarter fell short of our financial expectations. Our energy production recovered thanks to the rains in April and May. Our Uşak Hybrid GES project and wind capacity expansion projects, which we will gradually put into operation throughout the year and which are part of our investment strategy for diversifying our resources, will make a significant contribution to our production in 2023.”

Source: (BYZHA) Beyaz Haber Ajansı