Enel Colombia grows net profit by 35.5% in Q1 2023

Colombian power utility group Enel Colombia on Thursday reported a consolidated net profit of COP 804.5 billion (USD 173.4m/EUR 157.5m) for the first quarter of 2023, a growth of 35.5% in annual terms, spotlighting positive performance of its generation and distribution businesses and increased investments in renewables and grid modernisation.

The group in early March turned one as a gigantic entity created from four companies with operations in Colombia, Panama, Guatemala and Costa Rica, and again reminded that its first-quarter results for 2022 still contain some pre-merger figures.

With that in mind, Enel Colombia said its consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled COP 1.74 trillion, up by 57% year-on-year, while operational revenues surged by 93.2% to COP 3.81 trillion.

Total investments for the January-March period stood at COP 537.1 billion, which Enel Colombia said it had spent on the development of non-conventional renewable energy projects and the distribution grid expansion in Bogota and Cundinamarca.

“Undoubtedly, these results are an incentive to move forward with our strategic plan, working on the decarbonisation and electrification of the economy," commented Lucio Rubio Diaz, CEO of Enel Colombia and Central America.

During the reporting period, Enel Colombia generated 4,082 GWh of electricity in the native country, up by 11.7% on the year thanks to a surge in hydro inflows.

Its Central American subsidiaries increased generation by 24.3% to 539 GWh. The generation mix in the region was 92% hydro and 8% solar photovoltaic.

Enel Colombia’s financial results were for the last time presented by Lucio Rubio, who will step down as CEO on May 31 for personal reasons. The Spanish executive has been in Colombia since 1997, occupying various management positions in the Enel Group’s subsidiaries in the country. Luciano Tommasi, who comes from the Enel X unit, has been appointed to succeed Rubio on June 1.

(COP 1,000 = USD 0.215/EUR 0.196)

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