Spain's Audax records 18% profit growth in Q1 2023

Spanish renewables company and power and gas supplier Audax Renovables SA (BME:ADX) said it had increased the first-quarter net profit by 18% year-on-year to EUR 2.39 million (USD 2.6m), despite a drop in revenues due to declining energy prices in the markets in which it operates.

The group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 47% to EUR 23.05 million. Revenues totalled EUR 696.9 million, down by 5% compared to the January-March quarter last year.

Foreign currency exchange rates in some European markets were unfavourable to Audax. The company said its Hungarian subsidiary had lost EUR 5.9 million on currency exchange rates, which reflected on the first-quarter net result.

At the end of the reporting period, Audax had 245 MW of installed solar PV and wind power capacity Spain, France, Poland and Panama. In Panama, the company has a 30% stake in a 66-MW wind farm. Power production from these assets increased by 72% year-on-year to 178 GWh, including the output from the Panamanian wind farm.

Excluding Panama, power production rose by 13% to 76 GWh, driven by a significantly higher wind and solar energy output in Spain.

As a power and gas supplier, Audax supplied 13.9 TWh of energy, up 8%.

At present, the company has 26 MWp of solar farms under construction in Spain and some 1,144 MW of other projects in various stages of development, according to the earnings report.

(EUR 1.0 = USD 1.088)

Choose your newsletter by Renewables Now. Join for free!