Enel-Emgensa 1Q21 results

Company News    May 4, 2021 5:27 PM

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

Enel-Emgensa reported a net income of CoP$1.0T in 1Q21; 3.5% less compared to the same period last year, La Republica reported.

“This was due to the high water levels that caused energy to have a lower price in the spot market,” the company explained.

EBITDA went from CoP$652B in 1Q20 to CoP$642B in 1Q21, representing a 1.6% decrease.

“The decrease corresponds to the tightening of the insurance market amid the pandemic coupled with a higher loss ratio,” Enel-Emgensa said.

However, the company managed to report a net income of CoP$393B in the first quarter of this year, while it was CoP$362B in 1Q20.

“The increase in net income was due to a reduction in financial expenses as a result of a lower average debt balance compared to the same period of 2020, added to a lower Consumer Price Index,” the company said.

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