Q3 2024 Aygaz AS Earnings Call Transcript
Key Points
- Aygaz AS (IST:AYGAZ) maintained its leadership in the Turkish LPG market with a total market share of 25.2% in the January-August period.
- The company achieved a significant inventory gain of TRY220 million in the third quarter, recovering losses from the first half of the year.
- Aygaz's joint venture in Bangladesh, United Tigers LPG, expanded its operations, reaching a total sales volume of 85,000 tons through 168 dealers.
- The merger of Sendeo-Kolay Gelsin was completed, and the improved operational performance contributed positively to the consolidated net profit.
- Aygaz maintained a strong net cash position of TRY1.6 billion as of the end of September, supported by dividend income from EYAÅž.
- Total Turkish LPG consumption contracted by 7% year on year, impacting Aygaz's sales volumes.
- Aygaz's EBITDA for its core LPG and natural gas business line decreased by 36% compared to the same period last year.
- The company experienced a 9% decline in domestic retail sales volumes, primarily due to reduced bulk and cylinder gas sales.
- Aygaz incurred an inventory loss of TRY180 million in the first half of the year due to declining Sonatrach prices.
- The financial performance in the third quarter lagged behind the previous year due to decreased retail sales volumes and lower inventory gains.
Ladies and gentlemen, thank you for standing by. I'm Basilius, your conference call operator. Welcome and thank you for joining the Aygaz conference call and live webcast to present and discuss the third quarter, 2024 financial results. At this time, I would like to turn the conference over to Mr Gökhan Dizemen, CFO.
Mr Gökhan Dizemen, You may now proceed.
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Thank you. Good afternoon, everyone. Thank you for joining our earnings webcast for the third quarter of 2024.
With me today are Kozan Nabi, Chief Corporate Finance and Investor Relations manager, Duygu Yener, our Financial Reporting and Control Manager of Aygaz and Dalya Hasanca Investor Relations Leed of Aygaz.
Before we begin, let me remind you that our presentation and comments in the Q&A session might contain forward-looking statements and assumptions based on our business environment as we see today and they might be subject to change.
As always, I will start with a summary of the LPG market and the operation
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