Celsia 1Q 2021 Net Income Jumps 33% Year-on-Year
Medellin-based electric power giant Celsia announced May 11 that its first quarter (1Q) 2021 net income rose 33% year-on-year, to COP$115.7 billion (US$31 million).
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 1.7% year-on–year, to COP$336 billion (US$90 million), with an EBITDA margin of 34.3%.
“By regions, in the first quarter, Colombia contributed 86% of EBITDA, adding COP$289 billion [US$77 million] and Central America contributed 14%, reaching COP$47 billion [US$12.5 million],” according to Celsia.
Consolidated revenues rose 5.6% year-on-year, to COP$980 billion (US$262 million).
“The good performance of income is due to the start-up of PCH [small hydroelectric plant] San Andrés and the solar farms of El Espinal and El Carmelo, and higher income from generation and connection services,” according to the company.
“The reduction in financial expenses associated with debt management and the decrease in reference rates contributed to the consolidated net profit for the quarter,” according to Celsia. “After discounting the minority interest, the net result attributable to the owners of the parent company records a gain of COP$83.5 billion [US$22 million], an increase of 28.4%.”
Celsia closed 1Q 2021 with a consolidated debt of COP$4.2 trillion (US$1.12 billion) and a leverage ratio of 3.1 times net-debt-to-EBITDA. “Compared to 2020, the effect of the devaluation of the Colombian peso on [Celsia’s] Central America’s debt was COP$86 billion [US$23 million],” according to the company.
“These first quarter results reflect the commissioning of generation and transmission assets that took several years to build,” Celsia chief exec Ricardo Sierra added.