Spain's Audax rides high in 9-mo 2024, profit up 91.9% y/y

Spanish renewable power and gas supplier Audax Renovables SA (BME:ADX) on Wednesday reported a net profit of EUR 48.2 million (USD 50.9m) for the January through September period, marking a surge of 91.9% year-on-year, despite a revenue dip due to lower energy prices.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) across the nine months rose by 14.1% year-on-year to EUR 88.3 million.

The company highlighted the strength of its renewables portfolio and increased production at its solar photovoltaic plants, particularly in Spain. The strategic focus on industrial customer enabled Audax to increase the number of supply points and the volume of supplied energy, both electricity and gas.

Revenues for the nine months dropped by 22.3% to EUR 1.39 billion due to falling average electricity and gas prices, which has been a trend for the industry. Gross income declined by 1.1% to EUR 172 million.

The overall strong results led Audax to reaffirm its forecast of a full-year EBITDA of over EUR 110 million.

During the first three quarters, Audax generated 231 GWh of electricity from its European wind and solar farms, increasing production by 8.1% compared to the year-ago period. At the same time, the wind farm in Panama, in which Audax has a 30% stake, produced 37.2% less due to a lower wind resource.

The company’s installed renewables capacity remained the same throughout the whole year -- 267 MW of wind and solar located in Spain, France, Poland and Panama. Audax currently has 62 MW under construction, 450 MW projects in the backlog, 6 MW with environmental approval and 170 MW worth of development with a grid connection in place.

(EUR 1.0 = USD 1.057)

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