Enerjisa Enerji sustained growth momentum while continuing investments in the first half of 2020
Turkey's leading electricity distribution and retail company Enerjisa Enerji sustained the growth momentum in the second quarter despite the uncertainties aroused due to Covid19. Enerjisa Enerji, made 570 million TL worth of investment in the first half of 2020. In terms of consolidated operational earnings, Enerjisa Enerji grew by 13 percent yoy to TL 2 billion 565 million in the first half of 2020, while the Underlying Net Income for the same period reached TL 754 million.
Enerjisa Enerji, a stock listed company with its two major shareholders Sabancı Holding and E.ON SE and a free float of 20%, disclosed its financial statements as of 30.06.2020. According to the results, the company has increased its consolidated Operational Earnings by 13% yoy to TL 2,565 million in 1H2020. Enerjisa Enerji’s Underlying Net Income reached TL 754 million within the same period.
Grid investments are still the top priority to provide uninterrupted energy”
Murat Pınar, Enerjisa Enerji CEO, stated that “COVID-19 pandemic has changed the way we live and work. The outbreak revealed the vulnerabilities in the global healthcare system and traditional business models, while confirming the vital importance of electricity. Amid the COVID-19 pandemic, we have prioritized human health and operational sustainability. Therefore, we have established business continuity and crises management committees with the consultation of our doctors and participation of top management and have adopted certain measures to protect the health of our employees and maintain our infrastructure against varying demand and supply. Despite pandemic, our investments increased by 273% and reached TL 570 million in the first half of 2020 compared to the previous year. We have made our customers’ lives easier at home and work by reaping the benefits of our grid investments. In the future, we will keep investing in the electricity grid to ensure providing uninterrupted energy.”
“Revised guidance upwards for Underlying Net Income to above 30% yoy growth for the year end”
Michael Moser, Enerjisa Enerji CFO, stated that “We have started very well into the year, but since March, our main focus area has been the COVID-19 pandemic. We, as Enerjisa Enerji, have prepared ourselves well for the potential outcomes of the pandemic and have implemented several risk mitigation measures on time. Additionally, the regulatory mechanisms, with its high degree of protection, have helped and still helps in this crisis. Thanks to the aforementioned actions we have taken and because of the beneficial regulatory regime, we have so far only experienced very moderate impacts to our financials. As a result, we achieved a very strong bottom-line development in the first half of this year. At the end of the second quarter our Underlying Net Income has reached 754mTL, a 62% increase compared to the same period of last year.
Although we remain cautious also for the second half of this year, we feel confident enough on the back of our strong first half performance to revise our Outlook upwards. Accordingly, we revise our guidance for Underlying Net Income upwards to above 30% year-over-year growth.”