Scatec Solar's proportionate profit down in Q4, up 33% in full year

Source: Scatec Solar. License: All Rights Reserved.

January 24 (Renewables Now) - Oslo-based solar power producer Scatec Solar ASA (OSL:SSO) today reported a fourth-quarter 2019 profit of NOK 91 million (USD 10.1m/EUR 9.2m), on a proportionate basis, down from NOK 204 million a year back, but the full-year result was up by 33%.

The company, in which Norwegian energy major Equinor ASA (NYSE:EQNR) owns 15.2%, saw its operating profit and revenues decline slightly, while proportionate and earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter improved by 32% year-on-year thanks to the commissioning of new solar photovoltaic (PV) capacity and higher revenues from power production.

Proportionate power generation rose to 298 GWh from 108 GWh a year before, and is expected to grow further in the first quarter of 2020 to 305 GWh-325 GWh. The proportionate output is seen at 1,250 GWh-1,350 GWh for the full 2020, as compared to 926 GWh in 2019.

The table below shows more details about Scatec Solar’s performance.

Results in NOK million Q4 2019 Q4 2018 2019 2018
Revenue and other income 1,642 1,666  6,341 4,725
- of which power generation 379 180 1,216 622
- of which development and construction 1,222 1,466 4,980 4,005
EBITDA 434 329 1,571  961
EBIT 263 276 1,111 773
Profit 91 204 530 398
Revenue and other income 568 344 1,783 1,213
EBITDA 436 257 1,386 902
EBIT 271 187 874 629
Profit 56 76 155 226

The Norwegian company brought online a 390-MW solar park in Egypt and won 360 MW of new solar projects in Tunisia during the last quarter of 2019. It ended the year with an installed capacity of 1,193 MW and 711 MW of plants under construction. Additionally, it had 568 MW of projects in the backlog.

As announced previously, Scatec Solar aims to have 4.5 GW of solar capacity in operation and under construction by the end of 2021. 

(NOK 1.0 = USD 0.111/EUR 0.101)

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