EDP Renováveis S A : Renovaveis 2020 Profit Rose Despite Revenue Decline

By Giulia Petroni

EDP Renovaveis SA said Wednesday that 2020 profit rose, while revenue and production fell on year.

The Portuguese renewable-energy company posted a net profit of 556 million euros ($674.8 million), up 17% from EUR475 million a year earlier, mainly due to the successful execution of its sell-down strategy, it said.

Revenue decreased 5% to EUR1.73 billion, while earnings before interest, taxes, depreciation and amortization were flat on year at EUR1.66 billion.

EDPR produced 28.5 terawatt hours of clean electricity in the period, down 5% year on year, it said.

The company said it plans to distribute a total of EUR69.8 million to shareholders in 2020.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

02-24-21 0241ET