Enerjisa Enerji, the leading electricity distribution and retailing company of Turkey, announced an underlying earnings growth of more than 30% in 2017. The company proposes to pay a dividend of 0.30TL per share. Deleveraging trend continues. Mid-term Outlook confirmed.
Enerjisa Enerji, the leading electricity distribution and retailing company of Turkey, has closed the year 2017 with strong growth. Enerjisa Enerji, which announced the 2017 year-end financial results, has recorded a turnover of 12.3 billion TL in 2017, an increase of 36%. Operational earnings of Enerjisa Enerji in 2017 reached 2 billion 565 million TL, a 32 percent increase compared to the previous year, and its underlying net profit grew by 38% to 522 million TL.
“68 percent of the profit will be paid as dividends”
Making his remarks on the the financial results of the year 2017, Enerjisa Enerji CEO Kıvanç Zaimler said that they have closed 2017 with profitable and strong growth as planned. Zaimler reminded that they provide electricity distribution services to more than 20 million population in 14 provinces in Başkent, Ayedaş and Toroslar regions. Zaimler added "As the leader of our industry and with our almost 10 thousand employees, we have left a successful year behind in terms of growth and profitability, as a result of our customer-oriented approach, innovative projects and solutions in 2017." Zaimler pointed out that Enerjisa Enerji will be a company that provides strong dividends as stated in the public offering process, and said "In 2017, our underlying net profit has been 522 million TL. and 68% of this profit will be proposed to be paidas dividends at the General Assembly. Thus, the shareholders will receive 0.30 TL dividend per share".
Investments of 1.6 billion TL in 2017
Indicating that they have made investments of 1.6 billion TL in electricity infrastructure, field operations and new innovative projects last year increasing the regulated asset base to 5.3 billion TL, Zaimler said "As Enerjisa Enerji, we strive to create a better energy future for Turkey. In doing so, we are moving on with the goal of uninterrupted and sustainable energy. As the Energy of Turkey, to perform better in the future as in the past, we will continue to provide the right investments, efficient and dynamic operations, innovative applications and corporate governance in all business lines and to create value for all our stakeholders." In spite of the significant investments, leverage declined from 3.4x at end of 2016 to 2.9x (Net debt/operational earnings) at the end of 2017. CFO Sascha Bibert added that ‘our 2017 performance gives us confidence to reach our mid-term target growth rates (2016-2020 CAGR) of 20% for operational earnings, and significantly more than this for underlying net income. Our dividend proposal for 2017, which is towards the upper range of our 60-70% dividend policy allows our shareholders to participate in the successful year 2017.’