Spain's Audax reports Q1 net profit drop, exit from Polish gas market

Spanish renewable power and gas supplier Audax Renovables SA (BME:ADX) reported a net profit of EUR 943,000 (USD 978,647) for the first quarter of 2022, down by 37% year-on-year, saying that the reduction was mainly owed to the financial burden of investments in new power plant projects.

The group also complained of the slow permitting process it is facing before administrative bodies in Spain, but said it was still able to start construction of some 19 MW of solar PV projects.

Over the quarter, Audax benefited from rising energy prices in markets in which is operates. This enabled the company to increase revenues from operations by 116% year-on-year to EUR 736.2 million. The boost in installed renewable energy capacity led to EBITDA rising by 22% to EUR 15.7 million, Audax said in its quarterly earnings report.

Of note in this quarter was the company's decision to leave Poland’s gas market due to new state regulation governing the sector. Without elaborating much, Audax said that the move will enable it to avoid greater negative impact in the coming quarters.

Audax will still participate in Poland’s electricity market, having a very productive 34-MW wind farm in the country. Besides Poland, the group also operates 57 MW of wind farms in Spain and France, and has a 30% stake in the 66-MW Toabre wind farm in Panama, which is currently generating its first gigawatt-hours under trial conditions.

The company's operating solar farms in Spain give the company an additional 69 MWp of renewables capacity. Its other solar ventures are focused on Italy and Portugal, and more development in Spain.

Without contributions from the Panama wind farm, Audax’s plants together generated 67 GWh in the first quarter, increasing production by 39% year-on-year.

(EUR 1.0 = USD 1.038)

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