EDPR’s net profit rises 18% to €655 million in 2021

EDP Renováveis was able to improve its financial performance in 2021, increasing profits by 18%.

EDP Renováveis (EDPR) posted a net profit of €655 million in 2021, a figure 18% higher compared to the previous year. In 2020, the company had profited €556 million, having improved its performance even during the Covid-19 pandemic.

“At the bottom line, net profit summed €655m (+18% YoY) mainly due to higher capital gains, lower financials and a higher generation YoY,” the company reveals in a statement published this Wednesday on the Securities and Exchange Commission (CMVM).

The performance in the fourth quarter was essential for the company’s positive results since, until September, its profits were down 54% year-on-year to €148 million.

The company saw its revenues increase by 2% compared to 2020, to €1,758 million, “where the impact from additional capacity MW (+€198m YoY) along with higher average selling price (+€33m YoY; ex-Sell-down), were not offset by the slightly lower renewable resource (- €12m YoY), Sell-down transactions (-€132m YoY), unfavourable forex translation and others (-€60m YoY).”

EBITDA increased 6% YoY to €1,760 million, “mainly driven by higher capital gains partially offset by top-line performance in North America on the back of the US weather one-off event in the 1Q, lower average renewable resource in US and unfavourable forex translation,” EDPR explains.