Enefit Green's Q1 profit rises as operating expenses drop

Source: Enefit Green AS.

Despite a decline in sales revenue, Estonian renewables developer Enefit Green AS (TAL:EGR1T) has booked a 10% year-on-year rise in net profit for the first quarter of 2024 to EUR 33.4 million (USD 35.7m) as operating expenses have fallen.

The higher bottom line reflects a 3% increase in earnings before interest, tax, depreciation and amortisation (EBITDA), lower depreciation, higher net financial income and a decrease in income tax expense.

The following table gives more detailed information about the company’s first-quarter financial performance.

Figures in EUR million	Q1 2024	Q1 2023
Sales revenue	56.2	69.7
Renewable energy support and other income	12.7	7.8
EBITDA	42.4	41.1
Operating profit	33.1	31.3
Net profit	33.4	30.5

“We produced 494 GWh of electricity (+22%) and 129 GWh of thermal energy (-27%). The increase in electricity production by a fifth was driven by newly completed wind and solar farms and those under construction (+131 GWh). The decrease in heat output was mainly due to the sale of biomass assets,” said Aavo Karmas, chairman of the company’s management board.

Karmas noted that Enefit Green did not meet its electricity production target due to setup activities at the wind farms under construction and low wind speeds.

"This year our focus is on timely completion of the wind and solar farms under construction and maintaining the high availability of existing assets," he added.

(EUR 1.0 = USD 1.070)

Choose your newsletter by Renewables Now. Join for free!

More stories to explore