Çan2 Thermal Expects Profitability from Its Operations in Venezuela

Çan2 Thermal shared important information regarding its operations in Venezuela for the third quarter of 2024. The company reported revenues close to that of the first six months of the year, and the gross profit for this period reached twice that of the gross profit for the first six months. However, due to inflation accounting and hedge accounting, profits decreased by 1,230,000,000 TL, independent of operational performance.

According to the company's statement, activities carried out in Venezuela will contribute to profitability without being affected by inflation accounting in Turkey. In this context, operations conducted with Denarius Company include new contracts made with Chevron from the United States. Expectations for Denarius, which holds an OFAC license, include ongoing contract negotiations with international firms such as Chevron, Baker Hughes, and Repsol among its subsidiaries in Venezuela. Under these current contracts, Denarius aims to achieve a net profit of $9.7 million in 2025.

Looking ahead, not only the existing contracts but also potential new agreements are intended to enhance this profitability. Çan2 Thermal expects that these operations in Venezuela will significantly contribute to its consolidated profitability regardless of the accounting standards applied in Turkey.

Current status of CANTE shares: CANTE slowed its downward trend to an average level of 1.4 TL in recent weeks and recorded a 2.74% increase in last week's trading. Beginning this week with positive momentum, the stock started trading just above 1.5 TL today.

As CANTE shares continue to show weak performance in 2024, a decline of over 30% has occurred since the beginning of the year.