PPC Renewables' 2021 net profit grows 22% 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), more than doubled its net profit in 2021, reaching EUR 10.3 million (USD 11.2m), after a 22% year-on-year increase in revenues.

The company, which owns wind, small hydro and solar photovoltaic (PV) plants in Greece, closed 2021 with a top line of EUR 37.1 million, its parent’s financial report shows. More details are available in the table.

Amounts in EUR million	2021	2020
Revenues	37.1	30.4
Operating costs	14.5	11.5
EBITDA	22.6	17.5
EBITDA margin	60.9%	57.6%
Depreciation, total net financial costs and share of profits/losses in associated companies	7.7	7.8
Pre-tax profit	12.9	5
Net profit	10.3	4.3

The Greek firm's renewable energy plants, including large hydropower stations, produced 4,515 GWh of electricity, or 25.4% more than a year back. At the end of 2021, it had 3,377 MW of installed renewables capacity and close to 400 MW under construction.

PPC registered a 2021 net loss of EUR 18.4 million, against a profit of EUR 19.5 million a year earlier, mostly due to higher costs. Revenues gained 22.7% to EUR 5.7 billion.

The Greek utility explained that the geopolitical conflict between Russia and Ukraine has shaken the economic environment and led to increased costs in the wholesale electricity market. In line with those developments, PPC intends to enhance investments in renewable energy and networks so as to support Greece’s energy transition, cut its dependence on fossil fuels and lower the effects of a potential global crisis.

(EUR 1.0 = USD 1.090)

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