Celsia Full-Year 2023 Net Income Falls 21% Year-on-Year
Medellin-based electric power giant Celsia announced February 20 that its full-year 2023 net income declined 21% year-on-year, to COP$349 billion (US$88.8 million), from COP$443 billion (US$112.7 million) in 2022.
Despite the profits drop, revenues rose 11.6% year-on-year, to COP$6.23 trillion (US$1.58 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 3.8%, to COP$1.85 trillion (US$471 million).
“The decrease in consolidated net profit for the year is mainly due to higher financial expenses,” according to Celsia, citing “the increase in interest and indexation of financial obligations.”
During 2023, “investments totaled more than COP$1.14 trillion [US$290 million], including investments for operational continuity totaling COP$200 billion [US$50.9 million]; investments for service expansion and quality improvements totaling COP$197 billion [US$50 million]; investments in Central America totaling COP$70.1 billion [US$17.8 million] and investments that corresponded to platforms totaling COP$673.1 billion [US$171.3 million],” according to the company.
As for Celsia’s Colombia operations, the company cited an 8.8% decline in electric power output, while contracted power sales fell 11.4% and spot-market power sales fell 31.2%.
In Colombia, fourth-quarter (4Q) 2023 revenues were flat year-on-year, while 4Q 2023 EBITDA fell 8.7% compared to 4Q 2022.
Celsia Colombia 4Q 2023 net profit rose 53% year-on-year, to COP$146.7 billion (US$37 million) “due to stabilization in the growth of interest rates in the quarter, lower taxes and that in 2022 an expense had been presented for the sale of portfolio assets to the IDB [Interamerican Development Bank].| the company explained.
“In Central America, [4Q 2023] revenues totaled US$16.75 million, of which US$11.97 million corresponded to energy generation and other income from the business-to-business solar projects and other operational services totaling US$4.78 million,” according to Celsia.
