Brazil's Cemig net profit up 35% in Q2 2024

Brazilian utility Cia Energetica de Minas Gerais SA (BVMF:CMIG3), better known as Cemig saw its second-quarter net profit go up by 35.6% on the year to BRL 1.68 billion (USD 309.9m/EUR 281.3m).

The company attributed the positive results to, among other things, the lower post-retirement expenses and distribution arm Cemig D distributing 2.9% more energy when compared to the same period last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 26.2% to about BRL 2.37 billion. The company’s net revenue went up by 7% to BRL 9.43 billion.

In the period in question, the company had 4,587 MW of installed capacity in its portfolio, the majority of which came from hydropower plants (HPPs). The figure also includes wind and solar farms.

Cemig highlighted it added 268.5 MW of new solar capacity in the second quarter of 2024.

(BRL 1.0 = USD 0.184/EUR 0.167)

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