Spain's Audax back in black in H1 2022

Spanish renewable power and gas supplier Audax Renovables SA (BME:ADX) said on Friday it had booked a net profit of EUR 2.79 million (USD 2.72m) for the first semester of 2022, after inking a EUR-4.38-million loss in the same period a year back.

The vertically integrated group also highlighted earning record-high revenues for the period - EUR 1.32 billion, up 91% year-on-year, owed mainly to exorbitant increases in prices of power and gas in markets in which it operates.

Operating costs rose by 12% to roughly EUR 39.9 million, remaining stable in Spain and Portugal, but rising by 30.3% in six of the company's markets grouped as the Rest of Europe.

Total EBITDA came at EUR 24.5 million, a growth of 35% year-on-year.

At the end of the reporting period, Audax had 226 MW of wind and solar farms in operation in Spain, France, Poland and Panama, increasing the total installed capacity by 55% since June last year.

Excluding the wind farm in Panama, in which Audax holds a 30% stake, the company's power plants in other markets combined generated 132 GWh of renewable power, an increase of 36% on the year.

As an energy supplier, Audax reduced the supply of power and gas by 12% to 6.9 TWh.

(EUR 1.0 = USD 0.975)

Choose your newsletter by Renewables Now. Join for free!