Strong start to the first quarter of the new regulatory period
Turkey's leading electricity distribution and retail company Enerjisa Enerji, had a solid financial performance and a strong recovery in cash flow in the first quarter of the year. Despite the ongoing uncertainties due to Covid-19 within local and global markets, Enerjisa Enerji made 306 million TL worth of grid investment in the first quarter of 2021. Consolidated Operational Earnings grew by 28 percent yoy to TL 1 billion 628 million in Q121.
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 31.03.2021. According to the results, the company has increased its consolidated Operational Earnings to TL 1 billion 628 million in 1Q21, with 28% yoy growth, compared to the same period of last year.
“Grid investments are the top priority to provide uninterrupted energy”
Enerjisa Enerji CEO Murat Pınar said: “As the Energy of Turkey, we have been adding value to these lands for 25 years as energetic and motivated as the very first day. We are proud to be the pioneering and leading company in electric energy sector that has been offering the best service to our country and creating innovative solutions.
The new regulatory period, starting from 2021 continues to support investments and encourages quality improvements in service levels. These will continue to be priority focus areas for us. Moreover, in 2021, which is still marked by the pandemic, we will continue our efforts to ensure uninterrupted electricity distribution and sales services throughout our regions and implementing the best measures for the health of our employees, suppliers and customers.”
We focus on sustainable and hi-tech energy solutions
As Enerjisa, our goal is to create sustainable and innovative solutions for our customers, in order to leave a greener world to future generations. Our recent agreement with Galatasaray to install 4.1 MW capacity solar panels with Energy Performance Model at Galatasaray stadium is an example of our initiatives in this area.
“Our Underlying Net Income reached 522mTL, with a growth rate significantly exceeding Operational Earnings growth.”
Enerjisa Enerji CFO Michael Moser said: “In the first quarter of the fourth regulatory period, we delivered strong results, thanks to our sound risk management, strong balance sheet and supportive regulatory system. We had a solid earnings growth and a strong increase in cash flow in the first quarter of the year. Underlying net income grew by 48% yoy compared to the same quarter of last year and reached 522mTL in 1Q21, with growth rate significantly exceeding Operational Earnings growth. Additionally, thanks to our strong performance, our financial net debt to operational earnings ratio is down from 1.9x in 1Q20 to 1.4x in 1Q21.
In April as per our commitment to return sustainable dividends to our shareholders, we distributed 0.96 TL gross dividend per share, which marks a 60% increase compared to last year.
Our strong operational business, together with our dedicated focus on the new and sustainable energy world are the foundations for our growth. We are wholeheartedly dedicated to the journey to deliver a safer, cleaner and better energy future in Turkey for generations to come.”