EDPR's recurring net profit up 132% y/y in H1 2024

Renewable energy giant EDP Renovaveis SA (ELI:EDPR) said on Friday that its recurring net profit jumped 132% year-on-year in the first half of 2024 to EUR 210 million (USD 228m).

The renewables arm of Portuguese utility EDP (ELI:EDP) pointed out the positive result was due to operational performance recovery and asset rotation capital gains, even after the increase of EUR 64 million in financial results and the EUR 46 million negative impact related to projects under development in Colombia.

Total revenues for the period decreased by 1% to EUR 1.2 billion. Recurring earnings before interest, tax, depreciation and amortisation (EBITDA) went up by 26% to EUR 960 million, while earnings before interest and tax (EBIT) grew 55% to EUR 571 million.

In the first half of the year, the company generated 18.9 TWh of clean power, up 5% on the year. EDPR closed the period with 16.6 GW of installed capacity in its portfolio.

(EUR 1.0 = USD 1.086)

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