April 13, 2024
Companies

Celsia 2Q 2022 Net Income Dips 23% Year-on-Year

Medellin-based electric power producer Celsia (a division of Grupo Argos) announced August 5 that its second quarter (2Q) 2022 net income fell to COP$152 billion (US$35 million), a 23% decline from the COP$198 billion (US$51 million) net in 2Q 2021.

Consolidated 2Q 2022 revenues hit COP$1.21 trillion (US$279 million), with 89% of that coming from Colombia operations (COP$1.08 trillion/US$249 million). The other 11% came from Central America operations (COP$132 billion/US$30 million), according to the company.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) reached COP$458 billion (US$105 million) in 2Q 2022, of which Colombia accounted for COP$397 billion (US$91 million). Celsia credited the positive results to higher total power sales along with recent upgrades to power distribution networks.

EBITDA margin in the latest quarter came-in at 37.9%.

Meanwhile, for the first half (1H) of 2022, consolidated net profit so-far totals COP$318 billion (US$73 million), while net 1H 2022 investments totaled COP$827 billion (US$190 million), mainly in “expansion and technological updating of networks, as well as the growth of solar-power farms,” according to the company.

Celsia added that it closed the latest quarter with a consolidated debt of COP$5.13 trillion (US$1.18 billion) and a leverage ratio of 3.04-times debt to-EBITDA.

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