Wind park in Brazil. Author: Fotos GOVBA. License: Creative Commons, Attribution 2.0 Generic
Brazilian power utility Engie Brasil Energia SA (BVMF:EGIE3) saw its third-quarter adjusted net profit go up by 17.2% on the year to BRL 710 million (USD 137.2m/EUR 136.7m).
The positive bottom-line result was driven mainly by organic growth and the addition of installed capacity at the 361.2-MW Campo Largo II Wind Complex as well as the 158.3-MWp Paracatu and the 101.5-MWp Floresta photovoltaic (PV) plants.
The profit growth was also bolstered by the higher average energy price and the impact of inflationary deceleration on loans, financing, debentures, and concessions payable.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) decreased by 15.7% to about BRL 1.4 billion, while the EBITDA margin increased 2 percentage points to 52.1%.
The company’s net operating revenue went down by 18.9% to BRL 2.7 billion due to lower revenue from transmission line construction.
In the three months through September, Engie Brasil’s plants produced 13,799 GWh, up 28% year-on-year. Of the total generated, hydropower plants accounted for 11,382 GWh, while complementary power sources produced 2,110 GWh, including 116 GWh from the Paracatu and Floresta PV plants.