Renewable energy producer Terna Energy said its adjusted net profit fell by 7.9% in 2023 compared to the previous year, regardless of the increased renewable energy sales.
The bottom-line result stood at 64.6 million euros, with the decrease coming from higher depreciation charges and net interest costs resulting from new investments. Terna Energy said in its annual report that its reported net attributable profit almost tripled, coming at 59.7 million.
At 327.8 million, revenues in the past year improved by 10% on an annual basis. Mostly thanks to the increased installed capacity, revenues from renewable energy sales rose to 249.9 million euros from 236.2 million euros a year back. Revenues from the concessions segment and construction activities also improved.
The company’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in the three months totalled 178.4 million, rising from 164.7 million euros in the previous year.
At end-2023, Terna had 1,224 MW of installed power generation capacity, which produced 2,586 GWh of electricity in 2023, against an annual output of 2,406 GWh in the year before.
The company plans to bring online more than 600 MW of new plants in Greece and abroad, mostly solar photovoltaic, in 2024-2025. Meanwhile, it is working to mature some 3.5 GW of hydropower, storage and hybrid projects.
