Astor Energy Inc.
Astor Energy Inc., one of Turkey’s leading companies in the energy sector, held a press conference at its factory and headquarters located in Ankara ASO 2nd Organized Industrial Zone. During the event, attended by press members and investment companies, two separate factory buildings with a total closed area of 105,000 m² were showcased and introduced. Additionally, the ongoing works on the land for the new factory investment were presented to the participants on-site.
During a detailed presentation by Astor Energy Inc.’s CFO Olcay Doğan, the company announced its financial targets for 2024 and 2025. The 2024 revenue target was set at USD 826 million, with a targeted increase of 23% for 2025, reaching USD 1.013 billion. The company also disclosed its export targets, aiming for USD 400 million in 2024 and a 28% increase to USD 512 million by 2025.
The meeting was attended by Astor’s Board of Directors, senior executives, press members, as well as analysts and managers from portfolio management companies. Attendees expressed satisfaction with the factory tour and detailed evaluations of the company’s activities and financial results. They particularly noted the significant presence of female employees during the factory tour, expressing their happiness and pride in observing gender diversity in the workplace.
Astor Energy, with its assets growing by 59% to reach TL 18.8 billion by the end of 2023 compared to the end of 2022, has shown remarkable financial performance. The company increased its revenue by 23% to TL 16.9 billion by the end of 2023 compared to the end of 2022. With exports accounting for 34% of total revenue, the company aims to increase this share to 48% by the end of 2024 and 51% by the end of 2025. Astor Energy also demonstrated strong profitability, with a 125% increase in net profit to TL 4.6 billion by the end of 2023 compared to the previous year.
Astor Energy, with its focus on R&D and sustainable investments, aims to continue its sustainable growth. The company plans to increase its revenue to USD 826 million by the end of 2024 and USD 1 billion by the end of 2025. Furthermore, the company is expected to export approximately 50% of its revenue in both 2024 and 2025.
With a strong equity base and foreign currency position, Astor Energy is well-positioned for future growth. The company’s net foreign exchange position reached TL 2 billion by the end of 2023, supported by a solid equity-to-assets ratio of 57%. Astor Energy’s financial performance reflects its commitment to sustainable growth and contribution to the economy, both domestically and internationally.