Celsia Full-Year 2024 Net Profits Dip 26% Year-on-Year
Medellin-based electric power producer Celsia announced January 29 that its full-year 2024 net profits fell 26% year-on-year, to COP$325 billion (US$78 million).
Revenues rose 15%, to COP$6.5 trillion (US$1.56 billion), according to the company, a división of Grupo Argos.
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 14% year-on-year, to COP$1.3 trillion (US$ million), according to the company.
“When comparing the results with 2023, it is important to take into account the difference in the exchange rate [Colombian peso versus U.S. dollar] in total income from last year, because this reflected part the sale of assets in Central America,” according to the company.
“”The [revenue] increase was the result of a greater demand for energy and movements in energy prices due to the effects of the El Niño phenomenon,” which affected water input to its hydroelectric dams, according to Celsia.
The decline in EBITDA is explained by “accounting effects of the operation of the investment platforms and the presence of the El Niño phenomenon, which led to decreases in contributions in the water component and the prevalence of thermal power generation in the generation segment,” the company added.
