Enel Colombia sees net profit decline by 1.1% in 9-mo 2023

Colombian utility company Enel Colombia posted a consolidated net profit of COP 2.29 trillion (USD 557.1m/EUR 525.2m) during the January through September period of 2023, down by 1.1% year-on-year.

The reduction was explained by higher fixed costs, including minimum wage hikes, higher financing costs, a fine resulting from a legal challenge in Costa Rica and higher taxes.

The utility, which operates in Colombia and Central America, said its operational revenues during nine months rose by 42.5% to COP 12.4 trillion. Earnings before interest, taxes, depreciation and amortisation (EBITDA) went up by 15.8% to COP 5.36 trillion.

Enel Colombia said that it has invested COP 2.06 trillion so far this year, mainly to add over 800 MW of non-conventional renewables to its electricity generation portfolio and to maintain and modernise its electrical infrastructure. Some of these investments were allocated to the construction of the solar farms La Loma, Fundacion, Guayepo I & II and the El Paso Extension in Colombia, and the Madre Vieja and Baco solar farms in Panama.

During the nine-month period, the utility generated 12,947 GWh of electricity in Colombia, up 24.2%, and 1,631 GWh in Central America -- Guatemala, Panama and Costa Rica -- up by 0.7%.

Enel Colombia’s generation mix in Colombia was 95% hydro, 4% thermal -- due to the need to meet higher demand in the context of the El Nino phenomenon -- and 1% solar.

In the three Central American countries, Enel Colombia’s electricity mix is based only on hydro and solar.

(COP 1,000 = USD 0.243/EUR 0.229)

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