Spain's Grenergy records 192% profit growth in H1 2019

Spanish renewable energy company Grenergy Renovables SL (BME:GRE) posted a net profit of EUR 8.8 million (USD 9.6m) in the first half of 2019, recording a 192% surge compared to the same period last year.

The company attributed the profit growth to the outstanding performance of its development and construction division, according to its financial report.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 134% year-on-year to EUR 12.1 million as a result of the delivery of solar photovoltaic (PV) parks in Chile to several international funds.

Total revenues went up by 126% to EUR 55.5 million, to which the company’s development and construction division contributed EUR 54.9 million. The energy division did not record any revenues in the first half of 2019, while the services division posted EUR 614,000.

Grenergy is currently building nine solar parks totalling 78 MW in Chile for international clients. Also under construction are three wind farms which the company will own. These are two 18-MW projects in Peru, namely Duna and Huambos, and the 24-MW Kosten in Argentina.

With projects moving across the pipeline, Grenergy now has 450 MW in the backlog and 894 MW in the advanced stage of development between Chile, Spain, Colombia, Mexico and Peru.

(EUR 1.0 = USD 1.10)

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