Colombian power firm Celsia rebounds in Q2 2024 with profit up 77%

Colombian power company Celsia returned to growth in the second quarter of 2024, with a net profit surging by 77.3% year-on-year to COP 139.4 billion (USD 34.4m/EUR 31.5m), it said in its earnings report.

After the El Nino droughts weakened its financial performance the quarter prior, Celsia came back with consolidated revenues reaching COP 1.93 trillion for the three months through June, up 21.5%. The company's six-month revenues stood at COP 3.3 trillion, higher by 6.8% on the year, with the energy services business -- power generation, transmission, distribution and retail -- contributing 80% and the asset management business contributing 20%.

The cost of sales increased due to higher costs of goods and services, reaching COP 1.46 trillion for the quarter, up 32%, and COP 2.5 trillion for the year to date, up 20%.

Quarterly EBITDA fell by 3.5% to COP 464.1 billion, with an EBITDA margin of 24.1% marking a decline from the 30.3% recorded in the second quarter of 2023. The cumulative EBITDA reached COP 790.0 billion, lower by 20.6% year-on-year.

The net profit for the first half of the year declined by 15.8% to COP 169.1 billion.

Celsia’a asset management business handles its investment platforms in solar plant and other power assets. The investment platforms focused on solar, C2 Energia and Laurel, also showed positive results, with increased revenues and EBITDA.

C2 Energia, which builds solar farms greater than 8 MWp in partnership with Cubico Sustainable Investments, has 300 MW in operation, 308 MW under construction and 522 MW of projects in ready-to-build stages.

Laurel, a platform dedicated to solar projects below 8 MWp in partnership with Bancolombia Capital, has 97 photovoltaic systems in operation with a combined capacity of 35 MW.

(COP 1,000 = USD 0.247/EUR 0.226)

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