Spain's Ecoener reports 350% higher net profit for H1 2022

Spanish renewables developer and power producer Grupo Ecoener SAU (BME:ENER) saw its net profit for the first half of 2022 balloon by nearly 350% year-on-year and other takings grow significantly.

According to the company’s financial results for the first semester, net profit came at EUR 12.1 million (USD 12.3m), EBITDA surged by 116% on the year to EUR 25.2 million, while revenues went up by 88% to EUR 38.4 million. Revenues from the electricity pool in Spain jumped by 155% to EUR 30.3 million.

Ecoener said the results reflected the strength of its strategy and growth plans, and the profitability of its operating power plants.

The company builds and operates wind and solar farms and mini hydroelectric stations, which together generated 170.8 GWh during the reporting period, down by 10% year-on-year. The lower output was the result of droughts reducing hydro power production by 54%, Ecoener said.

As of the latest earning report, Ecoener has 171 MW of generation capacity installed across seven mini hydroelectric stations, 13 solar PV plants and nine wind farms in Spain, Honduras and Guatemala. It also has 186 MW of projects under construction, which are expected to significantly boost EBITDA in 2023, Ecoener added.

(EUR 1.0 = USD 1.013)

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