Portugal´s REN reports profit increase of 15% in 2022

 

REN, Portugal´s energy infrastructure company whose largest shareholder is China State Grid, reported a net profit increase of 15% YoY in 2022, to EUR 111.8 million.

According to a market filling, REN´s profit growth resulted from “improved operating performance”, with an EBIT growth of 8.7% to EUR 238 million.

Profit was partly offset by lower financial results (-EUR1.4 million),higher taxes (EUR 2.2 million) and higher levy (EUR 1.0 million) due to higher regulated asset base.

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EBITDA rose 5.7% versus 2021, standing at EUR 487.3 million, mostly driven by an increase in domestic revenues (EUR 31.2 million) and strong performance in the international business (EUR 6.1 million), the company added.

Total Capex stood at EUR 201.5 million vs EUR 247.1 million in 2021 and net debt (adjusted for tariff deviations) dropped to EUR 2,543 million (-3.3%vs 2021) “due to a robust operating cash-flow”.

During the year, REN signed a two-tranche loan financing with the EIB of EUR 450 million (12-year maturity).

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Renewable energy sources (RES) reached 49.4% of the total supply in 2022 (-10.2 pp versus 2021), “despite the significant drop in hydro generation, as a result of the severe drought that affected the Iberian Peninsula throughout most of the year”, REN added.

Electricity consumption increased 1.8% whilst natural gas consumption fell 3.2%. “REN continued committed to support and develop the energy policy defined by the Government, as one of its key players”, the company said.

Under the “H2 Green Valley” Agenda, REN is designing an H2 pipeline backbone with a capacity to produce of up to 2GW of electrolyzer production in Sines (south).

 

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