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EPM Headquarters Interior Atrium EPM Headquarters Interior Atrium Source: EPM

EPM 1Q 2021 Net Income Rises 31% Year-on-Year

Published in Companies Written by  April 28 2021 font size decrease font size increase font size 0
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Medellin-based multinational electric power and utilties giant EPM announced April 27 that its first quarter (1Q) 2021 net income jumped 31% year-on-year, to COP$856 billion (US$230 million).

Revenues rose 18% year-on-year, to COP$5.6 trillion (US$1.5 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12%, to COP$1.7 trillion (US$457 million).

The company will hand-over COP$1.4 trillion (US$377 million) to the city of Medellin (its sole shareholder) this year thanks to continuing profits, according to EPM. To date, Medellin has already received COP$300 billion (US$81 million) of the 2021 projected profits, the company added.

EPM attributed its positive results to “a better result of commercial operations,” mainly because of “an increase in power generation, given the high water inputs and the reserves in the reservoirs” for its mainly hydroelectric power operations.

So far this year, EPM infrastructure investments total COP$511 billion (US$137 million), of which COP$257 billion (US$69 million) corresponds to the 2.4-gigawatt, US$5 billion "Hidroituango" hydroelectric project in Antioquia, according to the company.

Grupo EPM’s total assets during 1Q 2021 grew 1% year-on-year, to COP$64.7 trillion (US$17.4 billion), while liabilities rose 5%, to COP$$38.4 trillion (US$10.2 billion), resulting in COP$26.3 trillion (US$7.07 billion) in net equity, down 3%.

Financial indebtedness stands at 42%, while the debt/EBITDA ratio closed at 4.4 as of March 31, 2021, up from 3.80 at end-March 2020, according to the company.

Read 129 times Last modified on Last modified on April 28 2021

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