Enefit Green's net profit more than triples in Q3

Enefit Green AS (TAL:EGR1T), the renewables subsidiary of Estonian state-owned energy company Eesti Energia AS, bolstered its third-quarter net profit by 273.2% on the year, mainly thanks to the rising market prices of electricity.

The company, which in October raised EUR 175 million (USD 202.3m) gross from its initial public offering (IPO), closed the July-September quarter with a net profit of EUR 15.3 million and benefitted from lower depreciation expenses and decreased interest costs, it said on Friday.

Fuelled by the high power prices in Estonia, earnings before interest, depreciation and amortisation (EBITDA) jumped by 66% to EUR 25.5 million. Around 73% of the total was brought by the Wind Energy segment, while the Solar Energy unit accounted for 3%. Third-quarter revenues rose by 32% to EUR 36.4 million of which 66% come from wind and 4% from solar, respectively.

“The financial results of Enefit Green in the latest quarter were outstanding. The results were driven by solid electricity and heat generation volumes and considerable increase in power prices,” said Aavo Karmas, chairman of the management board.

More details about Enefit Green’s third-quarter performance are available in the table.

During the reporting period, Enefit Green took an investment decision to build a 75-MW wind farm in Lithuania and 8-MW solar park in Poland and bought the development rights to 120 MW of Lithuanian wind projects. As of end-June, it had 22 wind farms, 38 solar parks, four cogeneration plants, a pellet facility and one hydropower plant with a combined capacity of 456.4 MW. The assets are located in Estonia, Latvia, Lithuania and Poland.

The total output of Enefit Green’s power plants in the third quarter stood at 250 GWh, up from 247 GWh a year back.

(EUR 1.0 = USD 1.156)

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