Neoenergia’s profit remains stable at USD 339m in H1 2024

Brazilian utility company Neoenergia SA (BVMF:NEOE3) saw its first-half net profit reach BRL 1.9 billion (USD 339.2m/EUR 312.7m), in line with the result booked in the same period last year.

The company reported a 3% year-on-year increase in earnings before interest, tax, depreciation and amortisation (EBITDA) to around BRL 6.5 billion, with second-quarter EBITDA up by 12% year-on-year to BRL 3 billion.

For the first six months of the year, the Brazilian subsidiary of Spain's Iberdrola SA (BME:IBE) reported a Capex of BRL 4.2 billion.

“The results are in line with our business strategy, reinforcing our financial discipline, with investment responsibility and control of operating expenses. We remain anchored in a structured model to ensure the sustainable growth of the five distributors and the advancement of transmission projects, focusing on the quality of services and service to our customers,” commented CEO Eduardo Capelastegui.

Overall, the utility closed the first half of the year injecting 43,553 GWh into the grid, up by 8.4% year on year.

(BRL 1.0 = USD 0.179/EUR 0.165)

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