EPM’s Nine-Months 2017 Profits Soar 25% Year-on-Year
Medellin-based multinational utilities giant EPM reported November 28 that its net profits for the first nine months of 2017 hit COP$1.6 trillion (US$534 million), up 25% year-on-year, while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 22%, to COP$3.9 trillion (US$1.3 billion).
So far this year, the city of Medellin – EPM’s sole owner – has netted COP$1.2 trillion (US$400 million) in profit transfers from EPM, according to the company.
While profits and EBITDA improved, EPM group revenues dipped to COP$12.2 trillion (US$4 billion), 48% of which came from local operations, 17% from Colombian subsidiaries and 35% from foreign subsidiaries. Lower average prices for electric power in the Colombian market this year versus last year explain the revenue dip, according to company.
“These results show the commitment of this organization to the social, environmental and economic dynamics of the regions where we are present,” said EPM general manager Jorge Londoño de la Cuesta.
“The national and international subsidiaries maintain an important dynamic that drives our business group. Likewise, in Medellín and Antioquia, we continue to contribute so that there is better quality of life and more development opportunities for people,” he added.