Celsia 2Q 2024 Net Income Jumps 77% Year-on-Year
Medellin-based electric power producer-distributor Celsia (a división of Grupo Argos) announced August 6 a 77% year-on-year jump in second quarter (2Q) 2024 profits, hitting COP$139 billion (US$33.5 million), from COP$78 billion (US$18.8 million) in 2Q 2023.
Revenues also rose 21% year-on-year, to COP$1.9 trillion (US$459 million), from COP$1.58 trillion (US$382 million) in 2Q 2023.
On the other hand, 2Q 2024 earnings before interest, taxes, depreciation and amortization (EBITDA) dipped 3.5% year-on-year, to COP$464 billion (US$112 million), according to the company.
As for first half (1H) 2024, revenues are up 6.8%, to COP$3.3 trillion (US$797 million), but net income has fallen 15.8%, to COP$163 billion (US$39 million) while EBITDA has fallen 20.6%, to COP$790 billion (US$191 million), according to Celsia.
Sales costs for the latest quarter rose 32% year-on.-year, to COP$1.46 trillion (US$353 million) “mainly due to the increase in the costs of goods and services and operation and maintenance,” while 1H 2024 sales costs likewise are up 20% year-on-year, to COP$2.5 trillion (US$604 million), according to the company.
On the other hand, net financial expenses fell 34.6% during 2Q 2024 — and likewise are down 32.3% year-on-year for 1H 2024, the company added.
As for 1H 2024 capital investments, “this year the company has executed investments for approximately COP$500 billion [US$121 million], mainly linked to the development of the Caoba transmission projects and the C2Energía solar farms,” according to Celsia.
“Additionally, resources have been invested in operational improvements in trasmission and distribution [T&D], in the loss-reduction program and in maintenance of generation assets. The company expects to advance with another COP$1.3 trillion [US$314 million] in the remainder of the year, especially from its investment platforms,” the company added.
