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EPM General Manager Jorge Londoño de la Cuesta Explains 1H 2019 Results at Press Conference EPM General Manager Jorge Londoño de la Cuesta Explains 1H 2019 Results at Press Conference Source: EPM

EPM First-Half 2019 Net Income Jumps 29% Year-on-Year

Published in Companies Written by  August 14 2019 font size decrease font size increase font size 0
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Medellin-based multinational electric power and public utilities giant EPM announced August 14 that its first half (1H) 2019 net income rose by 29% year-on-year, to COP$1.3 trillion (US$377 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 16%, to COP$2.9 trillion (US$841 million), while gross revenues increased by 12%, to COP$8.8 trillion (US$2.5 billion), according to the company.

The city of Medellin – the sole shareholder of EPM – got COP$703 billion (US$204 million) in profit transfers for 1H 2019. EPM supplies nearly 25% of the city’s annual budget.

So far this year, EPM Group invested COP$1.3 trillion (US$377 million) in infrastructure to improve service quality, according to the company. The company put another COP$455 billion (US$132 million) this year into the 2.4-gigawatt “Hidroituango” hydropower project in Antioquia, due for initial start-up in late 2021.

Of the income obtained in the first six months of this year, international subsidiaries contributed 36%, national energy subsidiaries 15% and water subsidiaries 2%.

“Having a wide, diversified portfolio of investments in several latitudes allows us to earn more to add to the quality of life of millions of people in the regions where we have a presence,” added EPM general manager Jorge Londoño de la Cuesta.

The year-on-year boost in EBITDA “is mainly explained by the increase in income greater than the increase in costs and expenses,” according to the company.

“The good performance of revenues is due, in part, to higher energy sales, both from EPM matrix [which includes water, sewage, trash and natural gas services] and from national and foreign subsidiaries,” the company added.

Financial indebtedness of the EPM Group and EPM matrix stood at 42% and 40%, respectively, compared to 40% and 36% presented in 2018. “The increase [in debt level] is due to loan disbursements to finance the general investment plan and the Hidroituango hydroelectric project,” according to EPM.

Total assets grew by 6% year-on-year, to COP$55.4 trillion (US$16 billion), while liabilities rose 9%, to COP$33 trillion (US$9.6 billion), according to the company.

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