GEB 1Q21 results

Company News    May 31, 2021 5:31 PM

The Bogotá Energy Group (GEB) announced its operational and financial performance for 1Q21.

Income increased 49% to CoP$1.2T in 1Q21 compared to same period last year (CoP$1.3T), according to a press release.

The natural gas distribution segment accounted for 51% (CoP$626B) of total revenues during 1Q21. This metric decreased 1% compared to 1Q20.

“Reduction in revenue from pass-through (gas, transportation, and network expansions – US$5.2M) due to the contraction in demand from customers caused by Covid-19,” the company explained.

The gas transportation segment reported a 20% decrease in revenues, going from CoP$427B in 1Q20 to CoP$343B in 1Q21.

“Transportation revenues decreased due to lower contracted capacity of the Ballena-Barraca pipeline, following the expiration in Dec-20 of 205mmcfd of capacity that had been contracted since 2012,” the firm said.

Power distribution and transmission segments reported income of CoP$164B and CoP$100B in 1Q21, respectively.

EBITDA stood at CoP$1.8T in 1Q21; 7% more compared to same period last year (CoP$1.7T).

“31% of the EBITDA was generated by controlled companies and the remaining 69% by the noncontrolled companies,” the firm said.

GEB reported a net income of CoP$570B in 1Q21, which means 14% less compared to 1Q20 (CoP$665B).

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