Colombia's Celsia reports 11.5% profit growth in H1 2021

Colombian power company Celsia SA on Tuesday reported a consolidated net profit of COP 204.6 billion (USD 51.5m/EUR 44.0m) for the first half of 2021, up by 11.5% year-over-year.

Once non-recurring income in the same period of 2020 is eliminated, the adjusted consolidated net profit rose by 49.3%.

The Medellin-based power producer and distributor, which operates in Colombia and Central America, highlighted its investment effort, asset management, and positive customer response to its products and services offering as contributors to the growth.

Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) for the six-month period stood at COP 650 billion, up 1%, with EBITDA margin reaching 33.8%. In adjusted terms, EBITDA grew by 6.5%.

Consolidated revenues rose 5.6% to COP 1.92 trillion.

A trend towards growth was also observed in the second quarter, although the results by markets and segments were mixed. Consolidated net profit arrived at COP 89 million, a decrease of 8.1% compared to the second quarter of 2020 when the company recorded non-recurring income, Celsia said.

The second-quarter EBITDA rose by just 0.3% to roughly COP 313 billion. In Colombia, EBITDA was down by 5.1%, but grew by 40.3% in Central America, fuelled by better demand and sales.

Celsia’s power generation business registered quarterly EBITDA of COP 178.3 billion, down by 24.7%.

Revenues in the second quarter rose by 5.48% to COP 939.9 billion, with operations in Colombia accounting for 87% of the total amount.

Revenues from the generation business fell by 11.5%. In Colombia, generation revenues dropped by 24.5% mainly due to lower prices on the spot market.

In Central America, generation revenues rose 27.4% year-on-year, due to greater demand by distributors and new capacity contracts for thermal power, Celsia said.

Celsia wants wind and solar power to account for 25% of its installed capacity by 2025. It said it will start construction of 140 MWp of solar farms in the second half of the year, as part of its alliance with London-based renewables investor Cubico Sustainable Investments to install 680 MWp of solar power.

COP 1,000 = USD 0.252/EUR 0.215)

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