Dear Shareholders and Stakeholders,
The year 2024 was marked by heightened uncertainty both globally and in Türkiye, with escalating geopolitical, political, and economic tensions across international markets. The ongoing Israel–Palestine conflict in the Middle East, the war in Ukraine entering its third year, and the intensifying U.S.–China rivalry extending beyond economic competition into the geopolitical sphere all pointed to profound shifts in the global order. In Türkiye, despite encouraging developments such as the implementation of the disinflation program, a disciplined monetary policy framework, strengthening foreign exchange reserves, and increased capital inflows, the lingering effects of elevated inflation and continued volatility in global financial markets necessitated a prudent and disciplined management approach.
Against a backdrop of heightened global and domestic risks, we continued to manage our portfolio companies alongside our partners with a focus on operational excellence and profitability. By further strengthening our financial resilience, we remained firmly committed to creating sustainable value for our shareholders.
As we entered 2024, our foremost strategic priority was to fully repay our outstanding debt, transition to a net cash position, and restore Turcas’ dividend-paying capacity. I am pleased to share that we successfully achieved these objectives by fully retiring our debt by the end of the third quarter of 2024 and distributing an interim dividend of TRY 145 million before year-end.
Our flagship investment, Shell & Turcas, maintained its leadership position in retail fuel sales through its extensive network of approximately 1,200 stations. With revenues reaching TRY 332 billion in 2024, Shell & Turcas continued to rank among not only the largest companies in the energy sector but also among Türkiye’s leading enterprises overall. Having introduced the industry to the next-generation convenience retail concept through Shell Select, the company now offers nearly 2,000 products across 11 categories through more than 1,000 Shell Select stores operating in all 81 provinces of Türkiye. While our non-fuel retail services delivered through Select Shops continued to create new avenues for growth, investments in electric vehicle charging infrastructure under the TOGG/TRUGO partnership expanded steadily across the country.
In the power generation segment, our joint venture RWE & Turcas concluded the year with a capacity utilization rate of 47% and revenues of TRY 11.3 billion. Our 800 MW Denizli Natural Gas Combined Cycle Power Plant generated 3.2 billion kWh of electricity during the year, making a significant contribution to Türkiye’s energy supply security.
The year 2024 also brought meaningful achievements from a sustainability perspective. Operating under the Corporate Governance Committee, our Sustainability Subcommittee continued to implement initiatives that create value across environmental, social, and governance dimensions. Guided by our conviction that equal access to rights, opportunities, and resources is a fundamental human right, we remain committed to building a more equitable and inclusive future through the leadership of our Equality, Diversity and Inclusion Committee, which was established in 2024.
On behalf of both myself and our Board of Directors, I would like to extend my sincere appreciation to our employees, whose dedication and commitment drive our success, as well as to our business partners, shareholders, and valued stakeholders for their continued trust and support throughout our journey.
Yours sincerely,
Batu AKSOY
CEO and Board Member