September 27, 2023

Celsia Full-Year 2021 Net Income Jumps 60.7% Year-on-Year

Medellin-based electric power giant Celsia – a division of Grupo Argos – on February 24 reported a 60.7% year-on-year jump in 2021 net income, to COP$544 billion (US$138.5 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 10.7%, to COP$1.2 trillion (US$305.5 million), while revenues rose 16.3%, to COP$4.1 trillion (US$1.04 billion).

Power generation accounted for COP$1.48 trillion (US$376.8 million) of total revenues, while power distribution and marketing accounted for the remaining $2.63 trillion (US$669 million), according to Celsia.

“This positive behavior is due to the good dynamism of all the company’s segments added to the economic recovery reflected in a greater demand for energy,” according to the company.

“During 2021, net non-recurring revenues were recorded for nearly COP$131 billion [US$33 million] associated with the recovery of the provision for the legal process related to the Bajo Anchicayá power plant and the structured closure of Bahía Las Minas,” the company added.

Fourth-quarter (4Q) 2021 net income soared by 172% year-on-year, to COP$235 billion (US$59.8 million), while 4Q 2021 EBITDA rose by 20%, to COP$402 billion (US$102 million).

“Platforms developed with Cubico Sustainable Investments for non-conventional renewable energy and power transmission businesses represented COP$147 billion [US$37 million] in revenue for Celsia in 2021,” according to the company.

“Other events in 2021 stand out, such as the third issuance of the ‘green bond’ program for COP$140 billion [US$35.6 million]; the first loan linked to compliance with ESG [environmental, social, responsible governance] indicators for an amount of COP$500 billion [US$127 million] with Bancolombia; the execution of the ‘Works for Taxes’ program with total investments of COP$101 billion [US$25.7 million], among others,” according to Celsia.

Celsia also invested COP$365 billion (US$93 million) last year in “substations, new circuits, and control systems to improve reliability and make them safer. Of the total invested, COP$154 billion [US$39 million] went to the operation in Tolima and COP$211 billion [US$53.7 million] to Valle del Cauca,” the company added.

On other fronts in 2021, Celsia added mor than 20 megawatts of solar power capacity, and meanwhile moved closer to completion of its 200-megawatt “El Tesorito” natural-gas-fired power plant, according to the company.

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