Solarpack continues 2019 financial boost as PV development reaches 1.7 gigawatt

• EPC points out operational launch of PV assets located in Chile and in India as Q1-Q3 2019 revenues almost double compared to last year, however net profit decreased by more than a half.

Solarpack Corp is observing a 1.7 gigawatt-plus photovoltaic construction pipeline after having recorded a marked growth of turnover together with a decrease of net profits during the first three quarters of 2019. 

On November 11, the Getxo-based EPC multinational published corporate-wide revenues of over €38m for three quarters of the current year, an 83% boost compared to the €20.8m registered in 2018. 

The financial data indicates the whole Solarpack group generated earnings before interest, taxes, depreciation, and amortization of €13.6m during the first three quarters of 2019, a 28 per cent annual growth. At the same time, EBITDA profitability registered a decrease between nine month of the last (51%) and current year (36%). 

Net profit of the company group fell by more than a half between nine month 2018 (€2.8m) and 2019 (€1.2m). 

Solarpack explained the net profit decrease by the same dynamic the corporation had underlined when posting its half-year 2019 report. The figure amounts to €1.2m, the company states, because not all build-and-sell activities were registered in the latest reports.

A thorough investigation of the corporation’s results shows the revenue jump was particularly evident for the firm’s Development and Construction scope of works. Turnover of the latter rose incredibly between three quarters of 2018 (€5.5m) and that of 2019 (€165.2m). 

A number of the current year’s major projects were constructed in the outfit’s home country of Spain. By the end of the year, Solarpack plans to complete 50 megawatt Monclova and 62 megawatt Grullas, a duet being constructed in the proximity of Seville funded by Bankia and Bankinter.