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    EDPR   ES0127797019

EDP RENOVÁVEIS, S.A.

(EDPR)
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Portugal's EDP reports 9% rise in first-half profit

07/29/2021 | 01:29pm EDT

LISBON, July 29 (Reuters) - Portuguese utility company EDP-Energias de Portugal reported on Thursday a 9% rise in first-half net profit, boosted by the acquisition of Spanish electricity company Viesgo.

EDP said its net profit for January-June rose to 343 million euros ($407.48 million), but its recurring net profit fell 15% to 326 million euros.

Its consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped 10% to 1.69 billion euros.

EDP agreed to buy Viesgo in July 2020, more than doubling its presence in Spain's electricity distribution market.

"(EDP's) performance was positively impacted by the integration of Viesgo in Spain and the increase in results in networks in Brazil," the company said.

However, it added the results were "penalised" by the rise of energy prices in the Iberian market, which led to higher production and sourcing costs, and by below-average U.S. wind resources.

On Wednesday, its renewables unit EDP Renovaveis reported a 44% slump in net profit to 142 million euros and an 18% drop in EBITDA to 654 million euros, mainly affected by the impact of Arctic-like temperatures in parts of the United States and lower capital gains.

EDP, whose main shareholder is China Three Gorges, said that in the first half 81% of its electricity generation came from renewable energy sources.

As of June, 79% of its 23.9 gigawatts (GW) of installed capacity was from renewable sources, with an additional 2.9 GW of wind and solar projects under construction.

Despite the pandemic, its gross investments increased 29% year-on-year to 1.6 million euros, of which 95% were allocated to renewables and electricity networks activities "fully aligned with the energy transition," EDP said. ($1 = 0.8418 euros) (Reporting by Sergio Goncalves; Editing by Catarina Demony and Susan Fenton)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EDP - ENERGIAS DE PORTUGAL, S.A. 1.42% 4.651 Real-time Quote.-11.06%
EDP - ENERGIAS DO BRASIL S.A. -0.11% 18.47 End-of-day quote.-6.01%
EDP RENOVÁVEIS, S.A. -1.62% 21.8 Real-time Quote.-2.81%
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Financials
Sales 2021 1 851 M 2 165 M 2 165 M
Net income 2021 542 M 633 M 633 M
Net Debt 2021 3 448 M 4 033 M 4 033 M
P/E ratio 2021 38,6x
Yield 2021 0,40%
Capitalization 21 286 M 24 908 M 24 898 M
EV / Sales 2021 13,4x
EV / Sales 2022 12,2x
Nbr of Employees 1 970
Free-Float 25,0%
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 22,16 €
Average target price 22,57 €
Spread / Average Target 1,84%
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Managers and Directors
Miguel Stilwell de Andrade Vice Chairman & Chief Executive Officer
Rui Manuel Rodrigues Lopes Teixeira Chief Financial Officer & Director
António Sarmento Gomes Mota Independent Chairman
António do Pranto Nogueira Leite Lead Independent Non-Executive Director
Acácio Jaime Liberado Mota Piloto Independent Non-Executive Director