Company News Aug 14, 2019 4:56 PM
Celsia, energy company of Grupo Argos, reported its second quarter results for this year. The firm highlighted the relevance of its operations in Colombia to getting positive financial results.
According to a press release, Celsia consolidated revenues were CoP$913B in 2Q19, 11% more compared to same period last year. Cumulative revenues were CoP$1.7T for this year, which means 7% more compared to same period 2018.
“Results are thanks to the strategy of strengthening the operation in Colombia with the entry of the energy distribution and commercialization business in Tolima, the entry into service of all Plan5Caribe assets and the consolidation of the generating operation in Epsa,” highlighted Celsia.
The company highlighted that Colombia represented 83% of total income or CoP$757B; Central America represented 17% of total revenues.
Revenues in the country were distributed in power generation (CoP$280B), transmission and distribution (CoP$100B), retail marketing (CoP$338B) and other services (CoP$21.5B).
Celsia reported consolidated EBITDA of CoP$287B, which means 7% more compared to 2Q18. The operations in Colombia reported an EBITDA of CoP$258B, representing 90% of the consolidated result; this metric increased 24% compared to 1Q18.
The company reported to net consolidated income of CoP$43B, 56% less compared to same period last year.
“The profit of this quarter is not easily comparable with 2018 since, in both periods, results included one-time revenues,” explained the firm.
Ricardo Sierra Fernandez, CEO of Celsia, commented that the firm has made important changes to improve its performance over the last 18 months and results are starting to emerge.
“Results show the strength of the organization we are building and the commitment to continue generating value and making Celsia a sustainable company,” highlighted Fernandez.
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