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EPM's 2.4-gigawatt 'Hidroituango' Hydropower Plant Nearing Completion EPM's 2.4-gigawatt 'Hidroituango' Hydropower Plant Nearing Completion Source: EPM

EPM 2017 Net Profit Jumps 19% Year-on-Year

Published in Companies Written by  March 21 2018 font size decrease font size increase font size 0
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Medellin-based multinational utilities giant EPM announced March 20 that full-year 2017 net profits rose 19% year-on-year, to COP$2.2 trillion (US$772 million).

As a result, the city of Medellin – EPM’s sole owner -- netted COP$1.2 trillion (US$421 million) in profit-sharing, accounting for roughly 20% of the city’s total finances.

EPM also invested COP$2.5 trillion (US$877 million) in water, power and sewage infrastructure in Antioquia last year, the company added. Of that total, COP$1.7 trillion (US$596 million) went into the continuing construction of the US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric plant in Antioquia, due for initial start-up at year-end 2018.

“When EPM does well, Medellín and its inhabitants win, because there are more resources via transfers for social programs and for the development of the city,” the company added.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 27% year-on-year, to COP$3.1 billion (US$1.08 billion).

Despite profit improvements, Colombian revenues actually declined 12% year-on-year, to COP$7.4 trillion (US$2.6 billion) because of the impact of relatively rainy 2016 (helping hydropower output) versus the relatively drier 2017.

Consolidated revenues (all subsidiaries included) were COP$14.9 trillion (US$5.2 billion), of which EPM’s Colombia parent contributed 48%, foreign subsidiaries 35%, national energy subsidiaries 15% and national water subsidiaries 2%, according to the company.

EPM general manager Jorge Londoño de la Cuesta added that 2017 delivered the highest net profit in company history, mainly thanks to “proper management of costs and expenses.”

Corporate-wide debt-to-EBITDA ratio improved to 3.43 in 2017 versus 3.69 in 2016

Total asset value rose 10% year-on-year, to COP$47.3 trillion (US$16.6 billion), while equity grew 5%, to COP$20.9 trillion (US$7.3 billion), the company added.

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