The Elecnor Group posts a net profit of EUR 848.4 million in the first semester of 2024

The Elecnor Group has concluded the first half of 2024 with a consolidated net profit of 848.4 million euros, driven by the sale of its subsidiary Enerfín to Statkraft European Wind and Solar Holding AS, which was finalized in May of this year for an amount of 1.56 billion euros. The capital gain of 805 million euros has highlighted the Group's ability to generate value in the development of its businesses.

The turnover stands at EUR 1,713 million, itemised as 750.9 million in the domestic area and 962.9 million in the international sphere.

Elecnor (Essential Services and Sustainable Projects)

Continuing the pattern of growth

Elecnor has continued its pattern of growth in the domestic market, due to the essential services performed for the sectors of electricity, telecommunications, water, power transmission and distribution, fields where Elecnor works for both the public and private sectors. With a turnover of EUR 750.9 million in the first semester of 2024, the Group has improved on the EUR 727.7 million achieved in the same period of the previous year. Furthermore, during this period, as part of the activity of sustainable projects, both construction work on wind and solar photovoltaic power farms and work related to self-consumption and energy efficiency have contributed to the Group’s growth.

Regarding the international market, which accounts for 56% of the total turnover, Elecnor has continued to carry out sustainable projects in Brazil and Chile, particularly in renewable energy and electric power transmission lines. Likewise, the growth of the Group’s earnings has been boosted by the construction of solar photovoltaic power plants in the Dominican Republic, wind farms in Brazil and Mauritania, hydroelectric power stations in Angola, substations and power transmission lines in Chile, Angola, Zambia and Senegal, among many others. These figures are also noteworthy for the activity conducted by the US subsidiaries (Hawkeye, Belco and Energy Services), as well as the distribution and telecommunications contracts that Elecnor is executing in Italy.

Furthermore, EBITDA stands at 78.3 million euros, 5.5% higher than that achieved in the same semester of the previous year, once the latter is adjusted to facilitate comparability.

CELEO

A good performance with a 9.1% increase in profit

Celeo’s Transmission Networks business has performed well during the first half of 2024, allowing this business to achieve a consolidated net profit of 14.9 million, which represents a 9.1% improvement over the 13.7 million euros from the same period of the previous year.
Celeo’s strength shows in the allocation of new projects, where 2023 was a record year for the company with new concessions in Brazil, Chile and Peru.

Financial situation

A very favourable cash position

The Group has a very favourable cash position, with over EUR 1,024 million as of 30 June. This significant cash and financial asset position will make it possible to reward shareholders and invest in new business opportunities. All of this, whilst continuing to strengthen the Group’s current business lines, as notified in the Extraordinary and Ordinary General Meetings of Shareholders, held last January and May respectively. 

Forecast for 2024

The Elecnor Group’s activities will benefit in 2024 from three major trends that are driving worldwide economic development: environmental and social sustainability, the energy transition and electrification of the economy, and the urbanisation and digitalisation of society. The sound contract portfolio and the current market situation, in which organisations with the capacity and singularity of Elecnor are in great demand, will enable the Group to continue to strengthen its leading position and profitability in the coming years. This, in conjunction with the Enerfín operation, will allow the Elecnor Group to attain record results at the end of 2024.

The production portfolio of projects for the next 12 months amounts to EUR 2,682 million, 4% higher than the EUR 2,577 million at the close of 2023. The domestic market portfolio is made up of contracts for activities relating to essential services, as well as sustainable construction projects for renewable energy power plants. The international portfolio is based on contributions both from European countries (Italy and the United Kingdom), where activities relating to services are carried out, and from other countries (mainly Australia, the United States and Brazil) where contracts have been awarded for major projects involving the construction of renewable energy power plants and power transmission.

A sustainable value. ESG Commitment

Sustainability at the Elecnor Group is structured around its purpose: to generate change and well-being in the territories where it operates. This commitment to sustainability is inherent in all its activities and business strategy, as well as in its relationships with stakeholders.

The Elecnor Group's Strategic Sustainability Plan 2023-2025 reflects this commitment to people, society, and the environment, always from an ethical and responsible management perspective. The six strategic axes focus on value creation and the generation of an environmental, social, and governance dividend.

Additionally, this commitment is backed by the certification of its Social Responsibility Management System in accordance with the IQNet SR10 standard, which confirms that the company has an effective sustainability management system.

The Elecnor Group is one of the key players in the development and progress of society. Infrastructure projects, renewable energies, energy efficiency, water, and the environment provide solutions to some current and future challenges.

Climate change is a challenge and strategic priority for the organization, as reflected in its Climate Change Strategy. Furthermore, the Group directly impacts employment, progress, and social well-being.