Akfen REIT’s asset size grew by 78% in one year, reaching 16.6 billion TL.

Akfen REIT announced significant increases across all parameters for the first six months of 2023. Accordingly, the company’s asset size grew by 78% compared to the first six months of last year, reaching 16.6 billion TL. Akfen REIT’s equity surpassed 10 billion TL in the first half of the year.

Successfully increasing its revenue by 95% and net profit by 97%, Akfen REIT’s net asset value reached 10.8 billion TL, with a net asset value per share of 8.29 TL. Consequently, the company traded at a 38% discount based on the closing price on 07.08.2023.

Evaluating the figures, Akfen REIT’s General Manager Sertac Karaağaoğlu stated, “We see the figures emerging in this period as an indication of the steps we have taken with the right strategies and determination at the right time. We are now reaping the fruits of these efforts.”

Having completed a restructuring process that began at the start of 2021, Akfen Real Estate Investment Trust (Akfen REIT) continues to break records in return for its efforts.

According to the financial results for the first six months of 2023 announced by Akfen REIT, the company’s asset size increased by 78% compared to the first six months of last year, reaching 16.6 billion TL. Akfen REIT’s equity exceeded 10 billion TL in the first six months’ figures.

Successfully increasing its revenue by 95% and net profit by 97%, Akfen REIT’s net asset value reached 10.8 billion TL, with a net asset value per share of 8.29 TL. Consequently, the company traded at a 38% discount based on the closing price on 07.08.2023.

The financial statements revealed that the company’s asset size, which was 9.4 billion TL last year during the same period, increased by 78% to 16.6 billion TL this year. Similarly, the company’s equity, which was 6.1 billion TL during the same period last year, increased by 68% to 10.2 billion TL, its revenue from 176 million TL to 343 million TL, marking a 95% increase, and its profit from 1.3 billion TL to 2.5 billion TL, a 97% increase. Akfen REIT’s net asset value increased from 6.2 billion TL last year to 10.8 billion TL, marking a 75% increase.

“REAPING THE FRUITS OF THE RIGHT STEPS TAKEN AT THE RIGHT TIME”

Evaluating the six-month results, Akfen REIT’s General Manager Sertac Karaağaoğlu said, “We proudly welcome the results we achieved in the first half of 2023 as Akfen REIT, seeing it as a significant success that boosts our confidence in the future.” Karaağaoğlu continued:

“We see the figures emerging in this period as an indication of the steps we have taken with the right strategies and determination at the right time. We are now reaping the fruits of these efforts. As a company, we always work towards strengthening our equity, adding value to our investors, and maintaining a leading position in the industry. We are fully confident that Akfen REIT will continue to grow in the industry, add value to our investors, and leave lasting marks in the real estate sector in the upcoming periods.”