Neoenergía (Iberdrola) doubles its profit in the first half of 2021

Rio de Janeiro, Jul 20 (.) .- The Brazilian company Neoenergía, a subsidiary of the Spanish group Iberdrola, reported this Tuesday that it obtained in the first half of the year a net profit of 2,009 million reais (386 million dollars), a 101 % more compared to the same period in 2020.

The profit increase coincides with the recovery of the Brazilian market after the restrictions imposed by governors and mayors to contain the coronavirus pandemic last year, the company reported in a statement.

Neoenergía’s net profit in the second quarter of the year, for its part, was 1,002 million reais (about 191 million dollars), resulting 137% higher than that registered between April and June 2020.

According to the financial balance released this Tuesday by Neoenergía, the gross operating result (Ebitda) in the first 6 months of the year was about 4,600 million reais (about 881 million dollars), 74% more than in the first semester 2020.

In the second quarter of the year, Ebitda was 2,300 million reais (440 million dollars), an increase of 108% compared to the same period in 2020.

“Neoenergía’s performance is a reflection of the market’s recovery, after a period of greater isolation, due to the covid-19 pandemic,” Neoenergía’s chief executive Mario Ruiz-Tagle said in a statement.

According to Ruiz-Tagle, the results are also the result of “efforts” on various fronts, such as the operation to combat losses and the reduction in the number of losses, especially between the Coelba and Celpe distributors.

“The energy injected and the collection, likewise, were highlights in the quarter, as well as the facilitation of means of payment offered to customers,” he added.

According to Neoenergía in its balance sheet, the injected energy totaled 37,208 gigawatt-hours (GWh) in the first half of the year, 6.8% more compared to the same period, without taking into account the Brasilia distributor, which was incorporated in March of this year.

Read more

The company also reported that it invested 3,500 million reais (about 670 million dollars) in the first 6 months of the year, which represents an increase of 50% compared to the same period in 2020.

The increase in investment, according to the company, followed the strategy of expansion and progress of the projects, especially in the wind energy and transmission segments.

The consolidated gross debt of the electricity company, including loans, obligations and financial instruments, reached 29,849 million reais in June (around 5,720 million dollars), 30.4% more than the sixth month of the previous year.

Neoenergía, present in 18 of the 27 Brazilian states, reached 15.6 million customers at the end of the second quarter, representing an increase of 2.2% compared to the same period in 2020.

The company has in Brazil a generation capacity of about 4,000 MW, of which almost 88% are renewable; controls 5 distribution companies (Cosern, Celpe, Coelba, Elektro and CEB) and owns almost 679,000 kilometers of power lines.

Neoenergía, controlled by Iberdrola (52.45%) and whose partners are the state pension fund Previ (38.21%) and the state Banco do Brasil (9.34%), is listed on the Sao Paulo Stock Exchange, which which makes it the largest open capital Brazilian distributor.

(c) . Agency

The main news of the day in Miami and South Florida – Telemundo Miami (51)

What is the real name of Francisca Lachapel?