Norwegian renewable power producer Scatec ASA announced a significant increase in its consolidated net profit for the third quarter, reaching NOK 1.65 billion (USD 150 million/EUR 138 million). This marked a substantial recovery from a loss of NOK 33 million in the previous quarter and a profit of NOK 95 million in the same period last year, according to the company's financial report released on Thursday.
The robust financial performance was largely attributed to the company's power production segment, which contributed NOK 1.77 billion in revenues—up from NOK 1.04 billion year-over-year. Scatec's facilities generated 1,254 GWh of electricity in the quarter, compared to 1,047 GWh in Q3 2023. Overall, the company recorded third-quarter earnings before interest, tax, depreciation, and amortization (EBITDA) of NOK 2.66 billion, a significant increase from NOK 686 million in the same quarter last year, while total revenues and other income surged to NOK 2.97 billion, tripling from NOK 947 million.
On a proportionate basis, revenues increased to NOK 2.42 billion, up from NOK 2.37 billion, although the Development & Construction (D&C) segment saw a decline, reporting NOK 631 million compared to NOK 1.32 billion the previous year.
CEO Terje Pilskog emphasized the company's strong financial results and progress on strategic initiatives, stating, “This quarter we are reporting strong financials and solid progress on strategic initiatives, highlighting our robust operational capabilities and disciplined approach to growth.” He also noted that Scatec is working on plans to divest assets in non-core markets to reinvest capital into promising renewable energy projects.
Looking ahead, Scatec raised its proportionate EBITDA forecast by NOK 350 million to a range of NOK 4.15 billion to NOK 4.35 billion and slightly adjusted its power production expectations to 4.2 TWh to 4.3 TWh. The company aims for NOK 750 million in equity investments annually until 2027, primarily focusing on solar and battery projects in South Africa, Egypt, Brazil, and the Philippines.
