EPM First-Half 2018 EBITDA Grows 10% Year-on-Year
Medellin-based multinational utilities giant EPM announced July 31 that its first-half (1H) 2018 earnings before interest, taxes, depreciation and amortization (EBITDA) grew 10% year-on-year, to COP$2.5 trillion (US$865 million).
Net profits for 1H 2018 were steady year-on-year, at COP$1 trillion (US$ 346 million), according to the company.
The city of Medellin – EPM’s 100% owner – received COP$806 billion (US$279 million) in profit payments during the semester, according to the company.
“Increased energy sales and the increase in the number of users of water services are the main elements that gave rise to good financial results for the EPM Group,” according to the company.
During 1H 2018, EPM Group revenues hit COP$7.9 trillion (US$2.7 billion), with foreign subsidiaries contributing 33% and national energy subsidiaries 15%, according to the company.
While net profits were steady, “costs increased by 10% and expenses by 9%, partly due to the provision of expenses associated with the Hidroituango [hydroelectric dam] contingency,” according to the company.
Payments to the city of Medellin were equivalent to 55% of the company’s net profit of 2017, of which COP$150 billion (US$52 million) came from EPM’s sale of minority shares in power generator Isagén.