REN profits up 32.6% in Q1
Energy company REN saw its results for the first quarter of 2022 improve by 32.6% although its renewable energy business took a hit because of the drought which saw production below 50%.
The company headed by Rodrigo Costa secured a positive net result of €6 million according to results posted by the stock market commission CMVM.
In Q1 of 2022 the company did not generate electricity from coal. However, the extreme drought in Portugal meant that energy production from renewable sources — in this hydropower — had been 48.8, which compares to 78.7% like-for-like in 2021. Energy consumption increased by 1.3% to 13.2 TWh on the 13.1TWh last year.
At a financial level, profits before taxes, interest, amortisations and depreciations (EBITDA) increased 3.5% to €118.4%. Investment costs were down 14.1% to €27,3 million. REN’s net debt fell 17.6% to €2.098n.
REN also paid over €1.8 million more in taxes in Q1, bringing the total to €40.9 million. The 4.7% increase on the same period in 2021 was down to €28 million regarding an extraordinary contribution on the energy sector — around €900,000 more than between January and March 2021.