Ignitis Group sees 7% increase in Jan-Nov 2020 earnings

Solar power plant in Lithuania. Source: Ignitis Group

January 4 (Renewables Now) - Lithuanian renewables-focused utility Ignitis Group (VSE:IGN1L), or AB Ignitis Grupe, last week posted a 7% year-on-year rise in its adjusted EBITDA for the first 11 months of 2020, based on preliminary financial data.

Specifically, the group said that its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased to EUR 254.2 million (USD 312.5m) in January-November 2020 from EUR 237.6 million a year earlier. Just in the month of November, the figure went up by 12.4% to EUR 29.1 million.

Ignitis attributed the improvement to the better performance of the networks segment arising from the growing value of regulated assets as a result of investments in the renewal of distribution networks. Also, it reflects a better result in the CCGT unit in the Elektrenai complex of flexible generation segment and efficient use of the Kruonis pumped storage plant within the green generation division.

As per revenue, Ignitis saw its top line rise by 10.1% to EUR 1.09 billion in the 11-month period, with a 22.2% jump to EUR 122.3 million in November alone.

(EUR 1.0 = USD 1.229)

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