EPM Group’s First-Half 2021 Net Profits More-Than-Double Year-on-Year
Medellin-based multinational utilities giant EPM announced July 27 that its first half (1H) net income hit COP$1.9 trillion (US$483 million), more than double the COP$717 billion (US$192 million) profit in 1H 2020.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to COP$3.5 trillion (US$890 million), up from COP$2.8 trillion (US$752 million) in 1H 2020, while EBITDA margin hit 30% and net profit margin came-in at 16%, according to the company.
Gross revenues in 1H 2021 rose 26% year-on-year, to COP$11.7 trillion (US$2.97 billion), according to the company.
So far this year, EPM Group has invested COP$1.7 trillion (US$432 million) in infrastructure projects, of which COP$627 billion (US$160 million) correspond to the Hidroituango hydroelectric project in Antioquia.
Commenting on the results, EPM general manager Jorge Andrés Carrillo Cardoso stated: “These positive figures were achieved in part thanks to the community’s commitment to paying their bills for the public services, plus the improvement in operations due to the greater generation of energy from our hydropower plants — which had high water inputs — and also to higher energy sales.”
As of June 30, 2021, Grupo EPM total assets had grown 2% year-on-year, to COP$65.3 trillion (US$16.6 billion), while liabilities rose 4%, to COP$38.1 trillion (US$9.7 billion). The debt-to-EBITDA indicator for EPM Group closed at 4.0 in 1H 2021, compared to 3.9 for 1H 2020, the company added.