Spanish renewable energy and gas supplier Audax Renovables SA has reported a net profit of EUR 35.5 million (USD 39.6 million) for the first half of 2024, marking an impressive increase of 262% compared to the same period last year.
The company described this semester as “historic,” prompting an upward revision of its forecast for full-year earnings before interest, taxes, depreciation, and amortization (EBITDA) to over EUR 110 million.
The substantial rise in net profit is attributed to strategic efforts to reduce both debt and its associated costs, alongside favorable currency exchange rates. EBITDA increased by 27.7% year-on-year to EUR 61.5 million, while total revenues for the six-month period fell by 27.5% to EUR 883.5 million.
Audax noted that despite the decline in revenue, the figure was still above expectations due to an 11.2% increase in energy supply volume, reaching 7.8 terawatt-hours (TWh). Electricity supplies accounted for 5.1 TWh, reflecting a 7.6% year-on-year increase, with the remainder attributed to gas.
The company's net financial debt stood at EUR 288.7 million, representing an 11% reduction compared to June 2023. At the close of the reporting period, Audax operated 267 megawatts (MW) of installed wind and solar capacity across Spain, France, Poland, and Panama.
These facilities generated a total of 258.6 gigawatt-hours (GWh) of electricity from January to June, a decline of 16.4% year-on-year. Excluding the wind farm in Panama, in which Audax holds a 30% stake, electricity production from its other assets amounted to 144.7 GWh, a decrease of 1.9%.
