Enerjisa's Q3 profit exceeded market expectations.

Enerjisa's Q3 Results Announced

Enerjisa reported a net profit of 739 million TL for the third quarter of 2023, which is 8% below the market expectation of 800 million TL. In the same period last year, the company reported a loss of 1.2 billion TL.

Limited Increase in Profit

On a quarterly basis, net profit increased by 44%, while 6.3 billion TL in net financing costs and 1.18 billion TL in monetary losses limited the growth of profit. Enerjisa achieved an operating profit before interest and taxes (EBITDA) of 10.1 billion TL, which is close to market expectations. However, despite the increase in gross profit, weaknesses in production segment pricing and rising operating costs negatively impacted EBITDA growth. The EBITDA margin increased by 2.4 percentage points year-on-year to 16.7%.

Growing Sales Revenues

Total sales revenues reached 60.8 billion TL, exceeding market expectations of 55 billion TL by 10%. Year-on-year, revenues decreased by 12.5%, but there was a 30% increase on a quarterly basis. Increased demand and regulatory price effects positively influenced sales performance.

Details of Financial Performance

In the first nine months of the year, Enerjisa’s net profit was recorded at 4.9 billion TL, slightly exceeding last year’s 4.6 billion TL level. EBITDA increased to 30.9 billion TL, reflecting a year-on-year growth of 6.4%.

Strong Performance in the Distribution Segment

The distribution segment, which accounts for 82% of consolidated operating revenues, achieved 34.9 billion TL in operating revenue in Q3. The "Efficiency and Quality Revenues" item reached 3.2 billion TL, marking a 191% increase.

Profit Target Raised

Enerjisa updated its future expectations; the net profit target for 2025 was raised from a range of 5.0-6.0 billion TL to 7.5 billion TL. The company also announced it would continue its dividend policy.