EDP Renováveis profits up 18%

Profits at Portugal’s EDP Renováveis rose 18% in 2021 to €655 million

The profits were €99 million up on 2020 when the subsidiary company of EDP saw profits of €556 million.
“The net result totalled €655 (+18% on 2020), mostly down to greater gains in capital, lower financial costs and greater production on 2020”, states the company in a communiqué sent to the stock market commission CMVM on Wednesday.
The performance in the fourth quarter was essential for the company’s results since up until September profits had fallen 54% in like-for-like terms to €148 million.
The company, which is based in Madrid, and is listed on the Lisbon stock market, saw its revenues increase 2% on 2020, up €27 million to €1.758Bn.
EDP Renováveis highlights the positive impact of €198 million (compared to 2020) in additional capacity, as well as a higher average sale price (€+33 million on 2020).