EDPR's net profit rises 75% y/y in Q1 2022

EDP Renovaveis SA (ELI:EDPR) has booked a net profit of EUR 66 million (USD 69.7m) in the first quarter (Q1) of 2022 for a year-on-year increase of 75%, as capacity additions helped raise revenues.

The renewables arm of Portuguese utility EDP (ELI:EDP) said today that the jump was partially offset by higher taxes, financials and higher non-controlling interest, among other things.

EDPR saw its earnings before interest, tax, depreciation and amortisation (EBITDA) increase by 46% to EUR 394 million, while earnings before interest and tax (EBIT) surged 83% to EUR 232 million.

Revenues went up by 27% on the year to EUR 569 million because of newly-added capacity, higher renewables resources, positive forex translation and others.

Regarding power generation, EDPR produced 9.2 TWh of clean power in the first three months of the year, an increase of 14% on the year.

EDPR has added a total of 465 MW of wind and solar capacity during the three-month period. The company now manages a total renewables portfolio of 14 GW, of which 13 GW were fully consolidated and 1.1 GW represent equity stakes. It also has 2.4 GW under construction.

(EUR 1.0 = USD 1.056)

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