TERNA Energy announced a 37.6% rise in revenues and a 54.3% rise in net profitability in the first quarter of 2024, following the increased installed capacity and the normalization of wind conditions, compared to the corresponding period of the previous year.
Following the increase in operating profitability, the leverage ratio (Net debt/adj.EBITDA) decreased at the end of the first quarter of 2024 to 4.1x from 4.7x at the end of 2023.
Installed capacity at the end of the first quarter amounted to 1,227 MW, compared to 906 MW at the same period last year.
It is recalled that the Kafirea project, with a capacity of 327 MW, was fully electrified in the last quarter of 2023.
Since the beginning of the year, TERNA Energy Group has continued the further development of its portfolio, as 63 MW of photovoltaics are under construction in Greece, while the construction of another 560 MW of new projects of various technologies is gradually starting (mainly photovoltaics, but also wind and storage) in Greece and abroad, which are expected to be operational by the end of 2025, representing a total investment of 370 million euros.
At the same time, the construction of the Amfilochia pumped storage project is progressing according to plan, as well as the further maturation of new projects, with the aim of increasing the power to 6.0 GW by the end of the decade.
Regarding the load factor, it stood at 33.7% for the entire portfolio in the first quarter of the year, compared to 32.5% for the first quarter of 2023, while specifically for Greece it was 33.3% versus 31.9%. Combined with increased installed capacity, energy production increased by 42.2% to 879 GWh. Excluding the Kafirea project, energy production increased by 6.2%.
Total revenue in the first quarter of 2024 reached 101.7 million euros, compared to 73.9 million euros in the first quarter of 2023. Construction activity recorded revenue of 6.5 million euros compared to 8.0 million euros in the same period the previous year.
Following the results, the Board of Directors is expected to propose the distribution of a dividend of 0.38 euro/share, for the financial year 2023.
