Spain's Audax returns to profit as 9-mo revenues surge in 2022

Spanish renewable power and gas supplier Audax Renovables SA (BME:ADX) recorded a net profit of EUR 2.4 million (USD 2.5m) for the first nine months of 2022, leaving behind a EUR-4.3-million loss from a year-ago period.

Its EBITDA rose by 16% year-on-year to EUR 36.1 million, a figure that includes one-off effects stemming from the company's withdrawal from the Polish gas market after gas prices were capped below a previously established target. Without those effects, the group’s total EBITDA reached EUR 40.3 million, Audax said.

Revenues between January and September rose by 78% to EUR 2.03 billion as a result of higher gas prices, higher renewable power generation and higher prices of electricity not linked to power purchase agreements (PPAs).

Operating costs expanded to EUR 66.3 million, compared to EUR 54.7 million a year earlier.

Over the nine-month period, Audax produced 278 GWh of electricity from its wind and solar farms in Spain, France, Poland and Panama, increasing the total output by 98% on the year. Production increased by 84% in Spain, as new solar PV plants came online. In Poland, lower wind resources led to a 2% decline in power production.

As of the latest report, Audax has 226 MW of installed wind and solar power capacity, 55% compared to the same period in 2021.

(EUR 1.0 = USD 1.040)

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