Spanish renewable power and gas supplier Audax Renovables SA has announced its strongest first-quarter performance to date, with a remarkable 607% year-on-year surge in net profit by the end of March, signaling robust financial growth for the company.
The notable bottom line of EUR 16.9 million (USD 18.4 million), compared to EUR 2.39 million recorded in the same period last year, reflects Audax's strategic initiatives to reduce debt, resulting in a reduction in financial expenses, as well as positive impacts from fluctuations in exchange rates.
While operating revenues experienced a decline of 31% to EUR 482 million, primarily attributable to a significant decrease in average power and gas prices by 46% and 49%, respectively, across Audax's markets, the company mitigated this decline through increased energy supplies and competitive pricing strategies.
Audax reported a substantial 37% increase in EBITDA to EUR 31.5 million, underscoring the company's operational resilience and efficiency despite market challenges.
Moreover, Audax demonstrated progress in its debt reduction efforts, successfully reducing its net financial debt to EUR 249 million by the end of March from EUR 262 million at the close of 2023.
Operational metrics revealed growth during the first quarter, with Audax expanding its customer base across European markets and boosting energy supply by 19% year-on-year to 4.6 terawatt-hours (TWh) of power and gas.
As a significant player in renewable power generation, Audax generated 73 gigawatt-hours (GWh) of electricity from its wind and solar farms in Europe, albeit experiencing a marginal 3% decline compared to the same quarter in 2023. Including its 30% ownership stake in a wind farm in Panama, the total renewables output reached 153 GWh, representing a 14% decrease year-on-year.
Audax attributed the performance fluctuations to lower wind resources in Spain and Panama, as well as reduced radiation levels in photovoltaic plants.
As of March, Audax boasted 267 megawatts (MW) of installed wind and solar power capacity, situated in Spain, France, Poland, and Panama. Additionally, the company disclosed 456 MWp of projects nearing the ready-to-build stage and 62 MWp currently under construction, signaling a continued commitment to expanding its renewable energy portfolio.
