May 31 (Renewables Now) - German renewables developer ABO Wind AG saw its annual net profit decrease to EUR 12.8 million (USD 14.3m) in 2018, from EUR 17 million a year earlier, but the company expects growing profits in the coming years.
“By 2023 at the latest annual surpluses of more than 20 million euros should be the rule,” managing director Jochen Ahn said today. The company noted that the bottom line result, its third-highest annual net profit, slightly exceeded market expectations.
Operating profit for the year inched down 9% to EUR 21.3 million, while revenues increased to EUR 150.3 million from EUR 146.8 million a year ago. More than half of 2018 revenues came from abroad as foreign markets helped compensate for a slowdown in Germany.
ABO Wind currently has a pipeline of wind and solar projects in 16 countries on four continents with a combined capacity of more than 6,500 MW. It secured over 2,000 MW of projects in 2018, two-thirds of which for wind capacity and a third for solar.
In August, at Abo Wind’s Annual General Meeting, the management board will propose a dividend of EUR 0.42 per share, or 5% more than a year ago.
(EUR 1 = USD 1.11)