French renewable power plants operator Voltalia SA (EPA:VLTSA) on Thursday said its net profit jumped more than sixfold in 2017 thanks to growth in sales.
Voltalia closed 2017 with a net profit of EUR 3.5 million (USD 4.3m), rising from EUR 0.6 million in 2016.
Earnings before interest, tax, depreciation and amortisation (EBITDA) were up 43% on the year to EUR 71.6 million, with the EBITDA margin climbing to 40% from 39%.
Full-year revenues improved by 42% to EUR 180 million, driven by energy sales, which increased by 43% to EUR 145.6 million. Wind capacity additions in Brazil helped boost energy sales. The company's profitable contract suspension strategy for some power plants and "very high" spot prices in the second half of 2017 contributed to the increase.
In the services business, encompassing the development, construction and procurement and operation and maintenance (O&M) of power plants, Voltalia booked EUR 59.3 million in revenues, around 40% of which came from internally provided services. The company recorded a 71% rise in development and construction revenues to EUR 38 million and a 104% jump in operation and maintenance revenues, to EUR 21.2 million.
The French company ended 2017 with 508 MW of capacity and some 411 MW under construction or in advanced development. The bulk of its installed capacity, 417.3 MW, comes from wind parks in Brazil.
Voltalia affirmed its target of having 1 GW of own capacity by 2020, saying it has “a very good visibility over 90%” for the goal. It projects that its total installed capacity will increase slightly in 2018.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.