Albioma posts lower H1 net profit but keeps 2021 goals

French renewable power producer Albioma SA (EPA:ABIO) on Wednesday booked a 4% year-on-year drop in its first-half 2021 net attributable profit but reiterated its financial guidance for the full year.

The company closed the first half of 2021 with a net attributable profit of EUR 23.5 million (USD 27.9m) and earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 99.4 million, down 1% in annual terms. Revenues, meanwhile, marked a 7% rise thanks to the contribution of a coal-fired power plant in Guadeloupe that was converted to run entirely on biomass and the acquisition of a 13-MW geothermal facility in Turkey in January.

“Our actions are bearing fruit and will enable us to attain the objective in our strategic plan of more than 90% renewables in our energy mix by 2025,” the CEO said. He added that all of the company’s existing power plants continued their good performance during the reporting period.

Details about Albioma’s first-half performance are available in the table.

Albioma produced 60 GWh of solar power in January-June, compared to 62 GWh in the same period of 2020. In spite of the adverse weather conditions, mainly in French Guiana, the performance of its solar parks was stable, it explained.

In the thermal biomass, power generation in overseas territories came at 952 GWh, down from 984 GWh a year back due to scheduled shutdowns at some locations.

For 2021, Albioma maintains its EBITDA target of between EUR 206 million and EUR 216 million. Net income attributable is still seen to range between EUR 53 million and EUR 59 million.

(EUR 1.0 = USD 1.187)

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