PPC Renewables' H1 net profit grows amid higher revenues

Ken Teegardin/CC BY-SA 2.0

PPC Renewables SA, the green energy arm of Greek utility PPC SA (ATH:PPC), lifted its net profit in the first half of 2021 to EUR 4.4 million (USD 5.2m) thanks to a 19.1% year-on-year increase in revenues.

The company, which owns wind, small hydro and solar photovoltaic (PV) plants in Greece, closed the first six months of the year with revenues of EUR 15.6 million, which rose from EUR 13.1 million a year before. In line with the increase, its bottom line result improved from EUR 4.1 million in the year-ago period.

According to the parent company’s first-half financial report, released on Thursday, PPC Renewables benefitted from decreased costs. More details about its financial performance are available in the table.

Amounts in EUR million	H1 2021	H1 2021
Revenue	15.6	13.1
Operating costs	7.8	4.1
EBITDA	7.8	9
EBITDA margin	50%	68.7%
Depreciation, total net financial costs and share of profits/losses in associated companies	3.3	4.1
Pre-tax profit	4.5	4.9
Net profit	4.4	4.1

PPC’s group net profit in the six months came at EUR 26.9 million, marking a drop of 8.2% year-on-year. Revenues slipped by 2.5% to EUR 2.19 billion.

The utility is currently implementing a plan to phase out its coal-fired power generation capacity and green up its power mix. As part of its 2020-2024 business plan, it aims to shut down 3.4 GW of coal power stations by end-2023 and expand its renewable capacity by 1 GW 2024. It said in its financial report that PPC Renewables has more than 10 GW of projects in the pipeline.

(EUR 1.0 = USD 1.171)

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