Akfen Gayrimenkul made a statement regarding Euro-denominated loan payments after the sharp rises in exchange rates. In the statement made by AKFGY to KAP, the following information was given about the forward transactions made at the end of 2022: “For our loan payment in EUR on 14.07.2023, the EUR rate will be 23.79, for our loan payment on 13.10.2023 in EUR will be 25, Since we have fixed it at 51, the increase in the exchange rate does not have a negative impact on our loan payments this year.
In addition, since 67% of our revenues in the first 4 months of 2023 are in foreign currency or foreign currency indexed, and this ratio increases in the rest of the year, it is expected that the effect of exchange rate increases on our profit margin.
AKFGY financial data
Akfen REIT closed the year 2022 with a turnover of 511 million 729 thousand TL and announced a revenue figure of 127 million TL in the first quarter of 2023. The company, which announced a profit of 3.1 billion TL in 2022, turned into a loss of 110 million TL in the first quarter of 2023.
According to the 2023/03 period data of the company, it has 292.6 million TL of short-term and 2.4 billion TL of long-term financial debt.
AKFGY stock data
AKFGY shares, which peaked on January 17, 2022 with a share price of 9.40 TL, fell very sharply after this date and bottomed at 2.08 TL within six months. Although the share prices increased to 5.89 TL on January 3, 2023 with the recovery from here, the shares decreased to 3 TL on May 11, 2023 with the sales that started again. Today, as of 11.35 pm, AKFGY shares are trading at 4.05 TL.
For the continuation of the article, the exchange rate rise statement from AKFGY: Affects positively