Colombian utility company Enel Colombia has revealed a consolidated net profit of COP 2.29 trillion (USD 557.1m/EUR 525.2m) for the period spanning January through September 2023, representing a marginal 1.1% decline compared to the previous year.
The dip in profits was attributed to several contributing factors, including increased fixed costs driven by minimum wage hikes, higher financing expenses, a penalty resulting from a legal dispute in Costa Rica, and elevated tax liabilities.
Enel Colombia, which operates across Colombia and Central America, reported a substantial 42.5% growth in operational revenues during the nine-month period, reaching COP 12.4 trillion. Furthermore, the company's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) saw a noteworthy 15.8% increase, climbing to COP 5.36 trillion.
Throughout the year, Enel Colombia invested COP 2.06 trillion, primarily directed towards expanding its non-conventional renewables capacity by over 800 MW and maintaining and modernizing its electrical infrastructure. Some of these investments were channeled into the development of solar farms such as La Loma, Fundacion, Guayepo I & II, and the El Paso Extension in Colombia, as well as the Madre Vieja and Baco solar farms in Panama.
In the nine-month period, Enel Colombia generated 12,947 GWh of electricity in Colombia, marking a robust 24.2% increase, and 1,631 GWh in Central America (comprising Guatemala, Panama, and Costa Rica), registering a more modest uptick of 0.7%.
Enel Colombia's electricity generation mix in Colombia was primarily sourced from hydro (95%), with a small percentage from thermal sources (4%) in response to increased demand amid the El Nino phenomenon, and a minor contribution from solar (1%).
In contrast, the company's electricity generation mix in the Central American countries is centered exclusively on hydro and solar sources.
