REN increases profits by 18% through September to 96.2 million euros – Energy

In the first nine months of the year, REN – Redes Energéticas Nacionais recorded profits of 96.2 million euros, which represents an increase of 18.2% (plus 15 million) compared to the same period last year, the company announced on Friday in a statement sent. To the Securities Market Commission (CMVM).

However, Rehn stressed that the net result between January and September was affected by a “decrease in financial results” (down by 9.7 million euros, to -35.5 million euros, due to an increase in the cost of debt) and “higher taxes.” (Plus 7.7 million euros or +12%).

As of September, REN reported that it had paid €75 million in taxes (compared to €67.1 million in the first nine months of 2022), of which €28.1 million (€100,000 more than last year) related to the Exceptional Contribution to the Energy Sector (CESE). ). Which “reflects a larger regulated asset base.” REN also announced that it plans to “distribute interim dividends related to the fiscal year 2023 until the end of the current year, in line with its strategic plan.”

EBITDA (earnings before interest, taxes, depreciation and amortization) reached EUR 395.5 million (+9.6% compared to the same period last year), supported by domestic activity (which increased by EUR 27.7 million), but also thanks to the positive contribution from organizations International. activity (an additional 6.9 million), the company says in the same statement.

REN’s business in Chile already represents 5.3% of total EBITDA for the first nine months of 2023, which is equivalent to 21.9 million euros: 12.5 million from Transemel (+74.1% compared to 2022) and 9.4 million from Electrogas (+ 12%). .

Regarding investment, REN reported that it increased by 51.1 million euros, reaching 177.1 million euros, with a focus on investments made in connecting new renewable energy projects to the national electrical grid.

Operating costs fell by 4% to 82.2 million, after “benefiting from lower electricity costs at the LNG terminal” in Sines (minus 9.6 million). As of September, staff costs were also high at REN, rising from 699 to 729 employees.

The company’s net debt increased by 420.3 million euros, reaching 2.5 billion. However, REN says, “Without the impact of tariff deviations, the debt would have fallen by 252.7 million (about 10%), to 2.3 billion.