EPM 1Q 2022 Net Income Jumps 46% Year-on-Year
Medellin-based multinational electric-power and utilities giant EPM announced April 26 that its first quarter (1Q) net income rose 46% year-on-year, to COP$1.2 trillion (US$302 million).
Revenues likewise rose 31% year-on-year to COP$7.3 trillion (US$1.84 billion) “thanks to higher energy sales and higher consumption of electricity, gas and water services, as a result of the economic reactivation” following prior lockdowns and restrictions resulting from the Covid-19 pandemic.
Earnings before interest, taxes, depreciation and amortization (EBITDA) grew 33% year-on-year, to COP$2.3 trillion (US$580 million), while EBITDA margin rose one percentage point, to 32%, according to the company.
“These good results also included a 13% growth in [hydroelectric] power generation thanks to the high water inflows from the prolonged rainy season,” according to EPM. “In addition, [EPM realized] a 27% increase in natural-gas consumption in the regulated market and in sales to thermal power plants.”
EPM Group not only includes operations in Colombia, but also power generation operations in Chile, El Salvador, Guatemala, Mexico and Panama. Those international subsidiaries accounted for 27% of corporate revenues, according to the company.
From its profits, EPM will pay the city of Medellin — its sole owner — COP$1.9 trillion (US$479 million), equivalent to 55% of the net profit of 2021.
At the end of 1Q 2022, EPM Group’s assets totaled COP$68 trillion (US$17 billion), up 0.3%, while liabilities rose 4%, to COP$40.5 trillion (US$10.2 billion).
Investments in infrastructure totaled COP$853 billion (US$215 million), of which COP$374 billion (US$94 million) went for the continuing construction of the US$5 billion Hidroituango hydroelectric plant in Antioquia, according to the company.