BGC Partners: AYGAZ 2Q19 Earnings Review: Bottom-line better, operationally worse
Aygaz reported a net profit of TL121mn (-19% YoY) in 2Q19, better than market consensus (TL94mn) and our expectation (TL84mn). The company reported an EBITDA of TL70mn (-38% YoY) in 2Q19 worse than market consensus of TL88mn and BGC estimate of TL104mn. The positive surprise on the bottom-line stemmed from a higher than expected contribution from Tupras’ profit and electricity generation subsidiary (TL24mn in 2Q19 vs. -TL11mn in 2Q18) in 2Q19.Aygaz is a liquefied petroleum gas (LPG) distribution company operating in a range of environments from cylinder production to marine transport operations. In its core business field, Co. distributes LPG as autogas, cylinder gas, and bulk gas, manufactures and sells LPG cylinders, tanks, valves and regulators, and also markets LPG-operated devices. Co. also sells and produces LPG devices and engaged in the maritime shipping of LPG. In the cylinder gas segment, Co. operates all over Turkey in points of sale under the brands of Aygaz, Mogaz and Lipetgaz. Co. has three segments: gas and petroleum products, electricity and other operations.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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