Acciona increases its profit by 24% driven by its Energy area

Acciona increases its profit by 24% driven by its Energy area

Revenues in this division have grown by 20% and its Ebitda by 22%, thanks to the contribution of the new international renewable assets launched.

Resource image of Acciona.

Acciona has obtained a net profit of 97 million euros during the first quarter of 2021, which represents an increase of 24% compared to the same period of the previous year.

This increase is driven by the contribution of new international renewable assets commissioned between January and March (319 MW) and due to the reduction in net financial expenses compared to the same period of the previous year (-9.4%), as reported by the company to the CNMV. With these results, he stressed, it consolidates “its position of strength and its growth strategy in the medium and long term”.

The turnover of the group has risen in the first quarter to €1.71 billion (+5.5%), due to the increase in income from Energy (+20.0%) and Infrastructures (+4.5%) –despite the deconsolidation of the concessions sold in December 2020–, which offset the reduction in turnover of Other Activities (-18.8%), due to a lower conjunctural delivery of residential units by the Real Estate division.

The result before taxes (EBITDA) from Acciona has grown by 11.1% to 362 million eurosdue, among other reasons, to the strong growth in Energy (+22.1%).

The net investment of Acciona during the first quarter has risen to 950 million euros (+194.8%). The figure includes €470 million of deferred payments related to debt management carried out during the 2020 financial year, in the context of the pandemic.

new contracts

During the quarter, Acciona obtained infrastructure contracts worth 1,263 million euros, which contribute to a accumulated business portfolio of 15,085 million euros, at all-time highs.

Furthermore, the division of Energy that is giving so much joy to the company has closed the period with 1,885 MW under construction or planned to start imminently. In addition, it has invested a total of 760 million euros. The company installed 319 renewable MW in international markets.

In the same way, the company chaired by José Manuel Entrecanales plans to start construction of another 1,604 MW imminently, in line with the company’s goal of installing 1.6 GW in 2022.

The net debt reached March 31 5,790 million euros (+22.3%), mainly due to the concentration of investment in the quarter, as the company has clarified.

Ellsworth Weber