Grenergy_exit_bagLink Securities | Grenergy (GRE) reported on Sunday its results for the first half of the financial year (1H2024), of which we highlight the following aspects:
Revenues: €192.3m (-15.0% year-on-year), of which Energy revenues reached €25.9m (-3.0% year-on-year).
Operating cash flow (EBITDA): €31.0 million (+43.0% year-on-year)
Net operating profit (EBIT): €22.1 million (+60.0% year-on-year)
Net profit: €0.4 million (-89.0% year-on-year)
Net financial debt: €736.5m (+27% year-on-year)
DFN/EBITDA ratio: 6.6x (times) vs. 5.6x (December 2023).
In addition, Grenergy informed the National Securities Market Commission (CNMV) that it has acquired 100% of a 77 MWp operational project and 923 MWp of solar projects at different stages of development in northern Chile. This project currently has a 1 GW interconnection line built and energised, which will facilitate the connection process of the projects under development. The amount of the transaction was approximately $128 million. With this transaction, Grenergy will expand its Oasis de Atacama project with two new phases, which will allow it to be increased by 1 GW solar and at least 6 GWh of battery storage.
