Galata Wind Reports Pre-Tax Profit of 925 Million TL for Q3 2024
Foreks - Galata Wind, one of Turkey's leading names in the renewable energy sector, reported an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of 1 billion 215 million TL at the end of the third quarter. Fluctuations in energy prices and the increase in the use of renewable energy sources had a significant impact on this result. The EBITDA margin demonstrates the company's operational efficiency amidst industry fluctuations, while the pre-tax profit for the company was recorded at 925 million TL during the same period.
Evaluating the financial results of the first nine months, Galata Wind CEO Burak Kuyan stated, "The importance of renewable energy is once again and more strongly highlighted in the current state of Turkey's electricity market. As Galata Wind, we are solely investing in renewable energy, as we committed during our IPO. We are making valuable strides towards achieving our goals. Although the increase in renewable energy production across Turkey and inflationary developments in the economy have led to a slight decline in energy prices, we are quickly adapting to market conditions thanks to our strong financial structure and liquidity management. With the financial performance we have achieved, we are taking significant steps to maintain our competitiveness in the sector and strengthen our long-term position.
In the first three quarters of 2024, Turkey's total installed electricity capacity increased by 8% to reach 114,144 MW. Along with this increase, the share of wind and solar energy in total capacity has also significantly risen. To balance the pressure of renewable energy resources on electricity prices and reduce costs, Galata Wind continues its innovative investments in the sector. Aiming to provide secure and sustainable returns to its investors in the long term, Galata Wind plans to reach an installed capacity of 1000 MW by 2030. In line with Turkey's renewable energy targets for 2035, the company is continuously updating itself to enhance its competitiveness in the sector. With an approach to clean energy for a clean future, it aims to grow in the renewable energy field while working to become a global player with an environmentally friendly, reliable, and sustainable business model."