Neoenergia’s net profit rises 14% in H1 2022

Neoenergia Chafariz wind park. Image by Neoenergia.

July 28 (Renewables Now) - Brazilian utility company Neoenergia SA (BVMF:NEOE3) saw its net profit increase by 14% on the year to BRL 2.3 billion (USD 432m/EUR 425.6m) in the first half of 2022.

Cash earnings before interest, tax, depreciation and amortisation (EBITDA) surged by 45% to BRL 4.7 billion when compared with the first half of 2021, while EBITDA rose 40% to BRL 6.4 billion.

The company’s CEO, Eduardo Capelastegui, said the growth was driven by solid financial discipline, investments in innovation and sustainable development. “The results are also backed by our performance in the concession areas and the profitability of our projects,” the executive added.

The first-half gross profit climbed by 33% to BRL 8.5 billion.

In the first six months of the year, the Brazilian subsidiary of Spain's Iberdrola SA (BME:IBE) invested BRL 693.4 million in wind farms, BRL 39.6 million in hydropower and BRL 436.4 million in solar energy.

(BRL 1.0 = USD 0.188/EUR 0.185)

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