Wednesday, May 31, 2023

Become part of our community

EPM Headquarters in Medellin EPM Headquarters in Medellin Source: Grupo EPM

EPM 1Q 2023 Net Income Rises 27% Year-on-Year

Published in Companies Written by  May 04 2023 font size decrease font size increase font size 0
Rate this item
(1 Vote)

Medellin-based multinational electric power and utilities giant Grupo EPM announced May 3 that its first quarter (1Q) 2023 net income rose 27% year-on-year, to COP$1.6 trillion (US$346 million).

Revenues also rose 22% year-on-year, to COP$9 trillion (US$1.94 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 29%, to COP$2.9 trillion (US$627 million).

The city of Medellin -- EPM’s sole owner -- netted COP$299 billion (US$64.6 million) in transfers as a result of the profitable quarter.

EPM’s electric-power distribution segment accounted for 43% of EBITDA, at COP$1.3 trillion (US$281 million), up 16% year-on-year. That growth “was due to a greater amount of energy sold at a higher unit price and increased revenue from the financing of public services,” according to the company.

Electric power generation – boosted by the recent entry-into-service of the Hidroituango hydropower plant in Antioquia – accounted for 34% of EBITDA, at COP$1 trillion (US$216 million). This segment saw growth of 49% year-on-year, thanks to greater amounts of power generation and higher sales prices.

During 1Q 2023, EPM’s total energy generation rose 14% year-on-year, to 5,025 gigawatt-hours (GWh), with 16% coming from the first two generation units at Hidroituango.

EPM subsidiaries providing drinking water, wastewater management and solid waste management collectively accounted for 16% of the group's EBITDA, up 23% year-on-year thanks to more users, greater consumption and higher prices, according to the company.

Total costs and expenses at Grupo EPM rose 22% year-on-year, hitting COP$6.6 trillion (US$1.42 billion), “explained by the costs of commercial operation due to greater purchases of energy at higher prices” as well as higher costs of finance and labor, along with unfavorable currency exchange-rates, the company added.

Read 160 times Last modified on Last modified on May 04 2023

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

About Medellin Herald

Medellin Herald is a locally produced, English-language news and advisory service uniquely focused upon a more-mature audience of visitors, investors, conference and trade-show attendees, property buyers, expats, retirees, volunteers and nature lovers.

U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

Medellin Herald welcomes your editorial contributions, comments and story-idea suggestions. Send us a message using the "contact" section.

Contact US

logo def
Medellin Herald: Find news, information, reviews and opinion on business, events, conferences, congresses, education, real estate, investing, retiring and more.
  • COL (4) 386 06 27
  • USA (1) 305 517 76 35
  •  This email address is being protected from spambots. You need JavaScript enabled to view it. 
  • Medellin, Antioquia, Colombia

Medellín Photo Galery

Medellin, contrasting colors and styles by Gabriel Buitrago