Enel-Codensa 1Q21 results

Company News    May 7, 2021 5:34 PM

The company reported results for the first quarter of this year.

Enel-Codensa reported revenues of CoP$1.5T in 1Q21, 3.7% more compared to same period last year, according to a press release.

EBITDA went from CoP$458B in 1Q20 to CoP$492B in 1Q21, representing a 7.4% increase. EBIT grew 11.6% to CoP$373B.

“EBITDA is showing resilience and robustness in its cash generation added to the optimization in costs and expenses, positively impacting the operating margin,” Enel-Emgensa said.

The company reported a net income of CoP$230.6B in 1Q21; 20% more compared to the same period last year (CoP$191.9B).

“This result is reflecting the increase in EBIT and a lower effective income tax rate of 1% approved by the Economic Growth Law and for the recognition of the tax discount for the payment of the Industry and Commerce Tax,” the company explained.

Enel-Codensa invested CoP$229B during the first quarter of 2021, 45% more compared to 1Q20 (CoP$157B).

“The quality of the service in Bogotá and Cundinamarca had a positive result thanks to the investment plan,” the company highlighted.

The firm explained that investments were focused on the quality plan, the replacement of assets, especially in rural areas, public lighting in Bogotá and greater investments in the Bogotá Metro project.

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