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ISA Profits Growing ISA Profits Growing Source: ISA

ISA 3Q 2022 Net Income Skyrockets 450% Year-on-Year

Published in Companies Written by  November 05 2022 font size decrease font size increase font size 0
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Medellin-based ISA – a multinational electric-power-distribution builder-operator, highways concessionaire and telecom provider -- announced October 31 that its third quarter (3Q) 2022 net income rocketed 450% year-on-year, to COP$668 billion (US$163 million), thanks in part to restatement of debt in its Interchile operation and a change in Colombian income-tax rules.

“Excluding the effect of the re-profiling of Interchile’s debt and the change in the Colombian income tax rate recorded in 3Q 2021 and not recognized this year, results remain solid,” according to ISA.

Operating income likewise grew 24% year-on-year, while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 14.6%, to COP$2.27 trillion (US$559 million), according to the company.

During the latest quarter, “projects in Colombia and Brazil entered into operation, representing a capex of US$368 million and which will generate annual revenues of US$49 million. Additionally, ISA was awarded the Kimal Lagunas project in Chile, whose capex amounts to US$194 million and which will generate US$14.7 million in revenues,” according to the company.

So far this year, “we continue with our growth dynamic with 32 energy transmission projects under execution, which will represent more than 4,900 kilometers of circuit and will generate revenues of approximately US$350 million when they enter into operation,” the company added.

Among 3Q highlights, in August 2022 ISA Intercolombia “energized the Costa Caribe Interconnection project in Colombia (Cerromatoso-Chinú-Copey) . . . with an investment of COP$743 billion (US$149 million) and annual revenues of close to COP$60 billion (US$14 million).”

On another front, “in September 2022, ISA was awarded the Kimal-Lagunas project in Chile, which will represent an investment of COP$791 billion [US$159 million] and annual revenues of COP$60 billion (US$14.7 million). This is one of the most important transmission projects tendered in Chile and is key to the decarbonization of the country's energy matrix,” according to the company

Also in September 2022, ISA CTEEP “energized IE Biguaçu Brazil, which had an investment of more than COP$342 billion [US$68.7 million] and will generate annual revenues of COP$38 billion [US$7.6 million]. It is the first in Brazil to have overhead, submarine and underground transmission lines. It is considered the largest submarine transmission line in South America in alternating current,” according to the company.

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