Ignitis reports 8% higher adj net profit for Jan-Sep 2020

Solar power plant in Lithuania. Source: Ignitis Group

Lithuanian renewables-focused utility Ignitis Group (VSE:IGN1L), or AB Ignitis Grupe, has booked an 8.2% year-on-year rise in adjusted net profit for the first nine months of 2020, according to the first report after its listing in early October.

The group also reported a 6.1% increase in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), attributing the improvement to growth in the Networks segment, efficient use of the Kruonis pumped storage plant, a solid performance in the main units of its Flexible generation division and expansion into the gas market of Finland.

The table below shows more information about the group’s financial performance for January-September 2020.

Figures in EUR million, except percentages	9mo 2020	9mo 2019
Revenue	874.1	802.5
EBITDA	229.6	153.9
EBITDA margin (%)	26.3	19.2
Adj. EBITDA	199.3	187.8
Adj. EBITDA margin (%)	23.7	22.5
Net profit	108.3	43.7
Adj. net profit	80.6	74.5

During the period, Ignitis added 24 MW to its operational green generation portfolio as the Kaunas combined heat and power (CHP) plant started commercial operations in August 2020. Still, the share of the group’s green generation fell to 50.7% from 97.8% because there was a substantial increase of electricity generated from the Elektrenai gas-fired complex.

Ignitis also expanded its total green generation portfolio by 170 MW through a deal to acquire certain Polish solar projects. Moreover, the group entered into a framework agreement to develop 700 MW of offshore wind projects in Lithuania and 800 MW to 950 MW in Scotland with the Ocean Winds.

(EUR 1.0 = USD 1.185)

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