Spain's Audax records 18% profit growth in Q1 2023

• Spanish renewables firm and also power and gas provider Audax Renovables SA (BME: ADX) said it had actually raised the first-quarter net profit by 18% year-on-year to EUR 2.39 million (USD 2.6 m), in spite of a decrease in revenues because of declining energy prices in the markets in which it runs.

The team's earnings before interest, tax obligations, depreciation and also amortisation (EBITDA) rose by 47% to EUR 23.05 million. Revenues amounted to EUR 696.9 million, down by 5% compared to the January-March quarter last year.

International currency exchange rates in some European markets were unfavourable to Audax. The firm claimed its Hungarian subsidiary had actually lost EUR 5.9 million on currency exchange rates, which assessed the first-quarter net outcome.

At the end of the reporting period, Audax had 245 MW of mounted solar PV and also wind power capacity Spain, France, Poland and Panama. In Panama, the firm has a 30% risk in a 66-MW wind farm. Power production from these assets enhanced by 72% year-on-year to 178 GWh, including the output from the Panamanian wind farm.

Leaving out Panama, power production climbed by 13% to 76 GWh, driven by a significantly higher wind and solar power output in Spain.

As a power and also gas supplier, Audax provided 13.9 TWh of power, up 8%.

Presently, the company has 26 MWp of solar farms under construction in Spain and also some 1,144 MW of other projects in various stages of development, according to the earnings report.