Astor Enerji Reaches Total Assets of TRY 18.8 Billion

At the end of 2023, Astor Enerji's balance sheet assets grew 59 percent compared to year-end 2022, reaching TRY 18.8 billion. The company increased revenues 23 percent year-on-year to TRY 16.9 billion. With export sales accounting for 34 percent of total revenues, Astor Enerji boosted net period profit 125 percent to TRY 4.6 billion compared to 2022. According to ISO-500 2022 data, Astor Enerji ranks as the 128th largest industrial enterprise. Among transformer and switchgear manufacturers, the company holds the top position. Astor Enerji set a 2023 revenue target of USD 540 million and achieved USD 575 million in revenue at year-end 2023. The company's 2022 and 2023 financial statements were subject to inflation adjustment under TMS 29. Under this framework, 2023 revenue increased 23 percent to TRY 16.9 billion, while EBITDA rose 60 percent to TRY 5.8 billion. EBITDA margin came in at 34.3 percent. Company profit increased 125 percent to TRY 4.6 billion, with net profit margin reaching 27.2 percent. Through an integrated production facility where it generates its own energy, combined with R&D-focused sustainability investments and cost management discipline, Astor Enerji maintains the capacity and management approach to sustain the announced profit margins. The company's key financial results are shown in the tables below.

Strong and Sustainable Export Revenue

On an annual basis, foreign sales reached TRY 5.8 billion in 2023, a 96 percent increase compared to 2022. Export sales for 2023 totaled USD 195 million. As of 2023, products manufactured are exported to more than 90 countries worldwide, with exports rising to 34 percent of total sales. By region, Europe accounts for the largest share at 50 percent, followed by the Middle East and North Africa at 25 percent. With order books both domestic and international running strong, Astor Enerji operates 2024 production capacity at maximum levels while receiving orders for partial delivery of power transformer shipments in 2025. The company continues capacity expansion and sustainability investments on one hand, while targeting 2024 revenue of USD 826 million and 2025 revenue of USD 1 billion. Exports for 2024 and 2025 are projected to account for approximately 50 percent of revenue as the company meets domestic and foreign demand through expanded capacity.

Strong Equity and Foreign Currency Position

Astor Enerji maintains strong equity and financial strength, covering 57 percent of its TRY 18.8 billion balance sheet with equity as of 2023. The company's registered capital ceiling is TRY 4,250 million, with paid-in capital of TRY 998 million. Return on equity, which stood at 31 percent in 2022, reached 38 percent as of 2023. As a net exporter, Astor Enerji's net foreign currency position was TRY 2 billion as of September 2023.