Engie Brasil's net income falls 28% in Q3 2024

Brazilian power utility Engie Brasil Energia SA (BVMF:EGIE3) saw its third-quarter adjusted net income go down by 28.2% on the year to BRL 666 million (USD 114.6m/EUR 107.2m).

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) decreased by 5.8% to about BRL 1.7 billion, the company announced on Wednesday.

The company’s net operating revenue went up by 0.9% to BRL 2.5 billion due to the increase in sales volume and transmission revenues.

Engie Brasil invested a total of BRL 1.9 billion in new projects during the period in question, mainly towards the conclusion of wind and photovoltaic (PV) complexes. The company was also the winner in power sector regulator Aneel’s Transmission Auction, securing 780 km of power line to be implemented in five states.

At present, the firm has 12.5 GW of renewable energy installed capacity, including hydropower, solar and biomass power plants, as well as wind farms.

(BRL 1.0 = USD 0.172/EUR 0.161)

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