Dear Shareholders and Stakeholders,
2023 was a year in which we witnessed crucial developments both at home and abroad. We mobilized as a country after the earthquake disaster on February 6, 2023 which overwhelmed each and every one of us with sorrow. We kept on healing our wounds in unity and solidarity with all our strength. We will continue to support the earthquake region and our people there hand in hand as a company with all our shareholders, subsidiaries, colleagues and business partners as well as the NGO’s of which we are members and managers.
Upon a challenging year for the whole world, we hosted 1 million guests every day at our 1,170 fuel stations with almost 20,000 frontline team members under the umbrella of Shell & Turcas, the most preferred brand of the the Turkish fuel retail industry, and our partnership with the energy major Shell – whose 100th anniversary of operations in Türkiye is celebrated this year with great pride. While preserving our leading position with an only-under-canopy fuel sales volume of 5.2 million m³ and a 21.5% market share in this segment, we strengthened non-fuel sales as well through the retail services offered at Shell Select stores. We will enhance the retail sales encompassing 14.7 million cups of coffee, 6 million sandwiches and 6 million bakery products in 2023 with a sales target of 18.3 million cups of coffee, 7 million sandwiches and 6.4 million bakery products in 2024. Thanks to the agreement signed between Shell & Turcas and TOGG (and its subsidiary TRUGO) on the electric vehicle fast charging units to be installed at initially ca. 400 Shell stations nationwide, our investments to serve EV’s at four corners of the country continue at full speed.
We continue to play an active role in meeting the power demand of our nation by having generated 2.9 billion kWh of electricity in 2023 with an efficiency of 57% at our 800 MW Denizli Natural Gas-Fired Combined-Cycle Power Plant built by RWE & Turcas with state-of-the-art technology. Denizli’s 10-year planned major maintenance was successfully completed in 2023.
As Turcas, we significantly reduced our financial indebtedness and reached a very high level of 94% in financing our consolidated assets through shareholders’ equity at 2023-end. We have a clear priority of re-starting regular distribution of dividends to our shareholders by 2024-end. Moreover, we will continue to seize opportunities and strategic options through the management of our portfolio with a dynamic mindset. In this regard, we will constantly explore investment opportunities utilizing our entrepreneurial skills, partnership culture and high credibility.
In 2023, we published our first Sustainability Report by formulating our sustainability strategy. I, personally and on behalf of our Board of Directors, extend my sincerest thanks to my valuable team members, shareholders and all stakeholders who accompany us on this path as we continue to take steps towards the future by considering sustainability issues as well as social and environmental impacts.
Best regards,
Batu AKSOY
CEO and Board Member