Isagen 3Q 2024 Profits Soar 84% Year-on-Year
Medellin-based renewable electric-power-generation giant Isagen announced November 13 a third quarter (3Q) 2024 net income of COP$288 billion (US64.6 million) — an 84% jump over 3Q 2023.
For the latest quarter, revenues rose 19% year-on-year, to COP$1.58 trillion (US$354 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 29%, to COP$911 billion (US$204 million), according to the company.
The boost in profits and revenues came despite a modest 0.4% boost in electric power demand here in Colombia, along with an unfavorable 47% average decline in water levels behind Colombia’s hydropower dams (the main source of power generation at Isagen).
Despite those challlenges, “Isagen’s power generation during 3Q 2024 was 3,576 GWh [gigawatt-hours], 14% higher than that recorded in the same period of the previous year due to higher hydropower contributions in the quarter and the entry-into-operation of solar power plants in 2024,” according to the company.
Operating income also improved in 3Q 2024 versus 3Q 2023, “due to the greater sale of energy contracts” to power distributors nationally.
Expenses during 3Q 2024 also jumped 49%, “mainly explained by the increase in financial obligations,” the company added.
