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Engie Brasil grows net profit by 56% in Q3 2019

Wind farm in Brazil. Author: Otávio Nogueira. License: Creative Commons, Attribution 2.0 Generic.

November 6 (Renewables Now) - Brazilian power utility Engie Brasil Energia SA (BVMF:EGIE3) posted BRL 742.7 million (USD 183m/EUR 165.1m) in third-quarter net profits, recording a 56.2% year-on-year jump in the period marked by overall growth.

Earnings before interest, tax, depreciation and amortisation (EBITDA) went up by 55.1% to BRL 1.58 billion on contributions from two new wind power complexes, the Pampa Sul thermal power plant and cost control, among other factors.

The company said it booked BRL 321.0 million as indemnification for the late delivery of Pampa Sul, but even without this sum, EBITDA would have grown by some 25% year-on-year.

Net operating revenues were up 0.2% to BRL 2.49 billion.

The power plants operated by Engie Brasil generated 11,503 GWh of electricity during the third quarter, up 17.8% year-on-year, as the output of all sources intensified. Large hydropower plants (HPPs), as the biggest source, accounted for 8,175 GWh of the total.

Complementary energy sources, the company’s name for small HPPs, wind and solar farms and biomass-fired plants, generated 1.555 GWh, increasing production by 137.2%.

At the end of September, the Brazilian unit of France’s Engie SA (EPA:ENGI) had 8,710.5 MW of own capacity and operated a generating complex of 10,431.2 MW across 60 power plants. Engie Brasil owns 56 of them, while the remaining four are held in consortia with other companies.

(BRL 1.0 = USD 0.246/EUR 0.222)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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