Friday, August 7, 2020

Become part of our community

Celsia Boosts Profits in 2019 Celsia Boosts Profits in 2019 Source: Celsia

Celsia Full-Year 2019 Net Income Jumps 72% Year-on-Year

Published in Companies Written by  February 21 2020 font size decrease font size increase font size 0
Rate this item
(1 Vote)

Medellin-based electric power giant Celsia on February 20 announced that its full-year 2019 net income rose 72% year-on-year, to COP$603 billion (US$177 million),

Earnings before interest, taxes, depreciation and amortization (EBITDA) likewise rose year-on-year, to COP$1.26 trillion (US$370 million), while gross revenues increased 9%, to COP$3.7 trillion (US$1.08 billion), according to the company.

Fourth-quarter (4Q) net income also rose 77% year-on-year, to COP$191 billion (US$56 million), while EBITDA rose 20% and revenues climbed 7%.

Celsia credits the growth in revenues and profits in part to the sale of its former Free Zone thermal power plant and also the acquisition of electric power distribution and marketing operations in Tolima.

Other 2019 highlights included “creation of platforms for investment for the development of medium and large-sized solar projects,” build-out of more transmission assets, and “the beginning of the development of a thermal power project with the size appropriate to [maintaining power-output] balance,” paired with its intermittent renewable-power generation.

Colombia revenues accounted for 84% of the consolidated total, with Central America accounting for the other 16%.

“Income generation in Colombia during the [fourth] quarter totaled COP$210 billion [US$61.8 million] – up 29% -- excluding the effects of the [sale of the Free Zone power plant] in 2018,” according to Celsia.

Total power generation in the latest quarter was 1,037 gigawatt-hours (GWh), down 29% mainly because of the sale of the Free Zone power plant in 2018. “If we exclude Free Zone from that figure, the decrease is 7%, explained by lower hydropower generation,” according to Celsia.

The company closed 2019 with a debt of COP$3.8 trillion (US$1.12 billion), down COP$713 billion (US$210 million) compared to the third quarter of 2019. “We continue to reduce net debt/consolidated EBITDA,” according to Celsia. “At the end of 2019, the ratio was 2.71 times, lower than the 3.9 times recorded at the end of the first half of 2019.”

As for social-environmental initiatives, Celsia boasted that it planted 4.3 million trees around 30 municipalities of Valle del Cauca, plus two areas in Antioquia and one in Tolima, restoring more than 3,300 hectares through the “ReverdeC” program.

The company also invested in voluntary and compulsory social-impact-compensation programs including energy and water upgrades for various schools; road construction projects; and development of cultural, sports and health activities, according to the company.

Celsia is a division of Medellin-based power, cement and airport/highway concessionaire Grupo Argos.

Read 530 times Last modified on Last modified on February 21 2020

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