Greek Terna posts lower 2023 profit as costs weigh

Greek renewable power producer Terna Energy (ATH:TENERGY) saw its adjusted net profit slip by 7.9% in annual terms in 2023, regardless of the increased renewable energy sales.

The bottom line result stood at EUR 64.6 million (USD 69.5m), with the decrease coming from higher depreciation charges and net interest costs resulting from new investments. The Greek firm, which also has some waste management activities, said in its annual report that its reported net attributable profit almost tripled, coming at EUR 59.7 million.

At EUR 327.8 million, revenues in the past year improved by 10% year-on-year, with renewable energy sales accounting for a significant portion of the total. Mostly thanks to the increased installed capacity of Terna’s fleet, revenues from renewable energy sales rose to EUR 249.9 million from EUR 236.2 million a year back. Meanwhile, revenues from the concessions segment and construction activities improved, as well.

Terna’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the three months totalled EUR 178.4 million, rising from EUR 164.7 million in the previous year.

At end-2023, Terna had 1,224 MW of installed power generation capacity, which produced 2,586 GWh of electricity in 2023, against an annual output of 2,406 GWh in the year before.

The company plans to bring online more than 600 MW of new plants in Greece and abroad, mostly solar photovoltaic (PV), in 2024-2025. Meanwhile, it is working to mature some 3.5 GW of hydropower, storage and hybrid projects at home.

(EUR 1.0 = USD 1.076)

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