Celsia 3Q 2024 Net Income Jumps 35% Year-on-Year
Medellin-based electric power producer Celsia announced November 5 a 35% year-on-year jump in third quarter (3Q) 2024 net income, to COP$110 billion (US$25 million), from COP$81 billion (US$18 million) in 3Q 2023.
However, 3Q 2024 revenues dipped 4.9% year-on-year, to COP$1.4 trillion (US$317 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) fell 16.7% year-on-year, to COP$345 billion (US$78 million), according to the company.
Aside from the boost in net income – despite the dip in revenues and EBITDA – Celsia boasted of “two key milestones for the energy transition: the first battery system to store energy from a solar farm, and the arrival of wind turbines for a wind project in the Atlantic.”
The revenue dip in 3Q 2024 for mainly hydropower-based Celsia arose from “low availability of water resources due to a drier than normal period in the country,” the company added.
Net financial expenses during 3Q 2024 — including exchange rate differences — fell 38% year-on-year, to COP$134 billion (US$30 million), while nine-months 2024 net financial expenses are down 34% year-on-year, to COP$451.5 billion (US$102 million), the company added.
As for nine-months 2024 (January through September), net income is down 1.1% year-on-year, while EBITDA has fallen 19%, despite a 3% improvement in gross revenue, according to Celsia.
