Spanish renewable energy and gas provider Audax Renovables SA revealed an impressive 963% year-on-year surge in net profit for the third quarter of 2023, reaching EUR 25.1 million (USD 26.8m). The attributable net profit stood at EUR 23.1 million, a notable turnaround from the EUR 1.72 million loss reported in the same period a year earlier.
This significant profit increase follows a series of strategic measures undertaken by Audax, including cost-cutting initiatives and actions to enhance profitability. The company's focus on vertical integration between generation and retail, targeting SME customers, and risk diversification contributed to this positive financial outcome.
In the third quarter, Audax achieved a robust growth in earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching EUR 77.4 million, marking a substantial 114% year-on-year increase. Despite this, revenues experienced a 12% decline to EUR 1.79 billion due to the impact of decreasing power and gas prices in Europe compared to the same period in the previous year.
As of the end of September, Audax reported a net financial debt of EUR 292.8 million, indicating a 37% reduction compared to the previous year, showcasing the company's prudent financial management.
Functioning as a producer of renewable energy, Audax generated 214 GWh of electricity from its wind and solar farms in Spain, Poland, and France, reflecting an 8% increase in output. Excluded from this figure is the generation from the Toabre wind farm in Panama, where Audax holds a 30% stake.
Closing the reporting period with 245 MW of installed wind and solar power capacity, Audax remains steadfast in its growth trajectory. The company is actively involved in constructing 26 MWp of solar capacity in Spain while advancing solar projects in Italy and Portugal, reinforcing its commitment to expanding its renewable energy portfolio.
