Spanish renewable power and gas supplier Audax Renovables SA has reported a 91.9% increase in net profit, reaching EUR 48.2 million (USD 50.9 million) for January through September 2024.
This profit surge comes despite a 22.3% revenue decline to EUR 1.39 billion, attributed to lower electricity and gas prices industry-wide.
The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 14.1% to EUR 88.3 million, bolstered by strong performance from its renewables portfolio, particularly solar PV operations in Spain. Audax's focus on industrial customers helped increase supply points and the volume of supplied energy.
Although gross income slightly declined by 1.1% to EUR 172 million, Audax reaffirmed its full-year EBITDA projection of over EUR 110 million.
The company's European wind and solar farms generated 231 GWh, an 8.1% year-on-year increase, while its Panamanian wind farm—where Audax holds a 30% stake—saw a 37.2% decrease in production due to lower wind availability.
Audax's renewable capacity remained steady at 267 MW across Spain, France, Poland, and Panama. Expansion efforts continue, with 62 MW under construction, 450 MW in backlog, 6 MW with environmental approval, and 170 MW with grid connections.
