Portugal's Greenvolt posts 46% y/y jump in Q3 profit

Portuguese renewables company Greenvolt - Energias Renovaveis SA (ELI:GVOLT) booked a net profit of EUR 6.5 million (USD 7.4m) for the third quarter of 2021, marking a year-on-year increase of 45.7%, the company said on Tuesday.

Earnings before interest, tax, depreciation and amortisation (EBITDA), excluding transaction costs, surged by 108.5% to EUR 19.9 million, as revenues jumped 83.4% to EUR 41.4 million.

The company highlighted the impact on the market of a sharp rise in electricity prices, which in turn drove an upsurge of the power purchase agreement (PPA) market.

During the reporting period, Greenvolt, which is the renewables arm of Portuguese pulp producer Altri SGPS SA (ELI:ALTR), reinforced its strategic positioning through the completion of the acquisitions of Tilbury Green Power (TGP), V- Ridium (V-R) and Profit Energy.

Another notable milestone achieved in the third quarter is the company’s IPO on July 15, 2021, at a share price of EUR 4.25.

(EUR 1.0 = USD 1.137)

Choose your newsletter by Renewables Now. Join for free!