PPC Renewables' 2020 net profit shrinks 43% Y/Y

Wind farm in Karpathos, Greece. Source: PPC Renewables SA

PPC Renewables SA, the green energy arm of Greek utility PPC SA (ATH:PPC), saw its 2020 net profit contract by 43.4% on the year to EUR 4.3 million (USD 5.2m), even as revenues increased.

The company, which owns wind, small hydro and solar photovoltaic (PV) plants in Greece, closed 2020 with a top line of EUR 30.4 million, its parent’s financial report shows. According to the data, released on Tuesday, PPC Renewables’ profits were affected by higher costs.

More details about PPC Renewables’ results can be seen in the table.

Amounts in EUR million	2020	2019
Revenue	30.4	26.6
Operating costs	11.5	10.5
EBITDA	17.5	16.1
EBITDA margin	57.6%	60.5%
Depreciation, total net financial costs and share of profits/losses in associated companies	7.8	2.8
Pre-tax profit	5	9.8
Net profit	4.3	7.6

PPC’s group net profit for 2020 totalled EUR 35.2 million, against a loss of EUR 1.69 billion a year before. Revenues slipped by 5.7%, coming at EUR 4.65 billion.

On the renewables front, the Greek group said it is currently building a 200-MW solar park in Ptolemais, Western Macedonia, and 45 MW of wind and small hydropower facilities at unnamed locations. PPC has secured generation licenses for 2 GW of solar projects and it has filed application for 600 MW more, including floating solar.

(EUR 1.0 = USD 1.203)

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