With the market's attention turned to Enel financial results, expected on November 6, and at Capital Market Day, expected next month, the numbers of Enel Americas are presented as a promising preview. In the first nine months of the year, the South American subsidiary recorded an increase inebitda, reaching 3 billion dollars (+4%), while the turnover rose 6% to 10,35 billion, driven by “improved results in distribution in Argentina and Colombia, and generation in Brazil and Central America,” it said in a statement. Further confirming this growth, in the third quarter the company increased its renewable capacity of over 800 MW in Brazil and Colombia, reaching 98% of its energy matrix from renewable sources.
Enel Américas: accounts weighed down by devaluation of Brazilian real
In the third quarter, the revenues continued to grow, increasing 5% to $3,6 billion. However, theebitda showed a 6,1% decline, falling to $939 million. Aurelio Bustilho of Oliveira, director of Enel Americas, explained that the decline is due to a lower performance in the generation sector in Colombia, caused by lower levels of production hydraulics and the increase in energy purchases on the spot market. Furthermore, the devaluation of the Brazilian Real against the dollar had a significant impact.
Enel Americas: debt more than halved and net profit tripled
A positive aspect is represented by the significant debt reduction, which showed a 30% decline, going from 8,1 billion dollars at the end of 2023 to 5,7 billion dollars in September 2024 (gross). Also the net debt has dropped dramatically, with a 65% reduction, from 6,5 to 2,3 billion dollars. These results were possible thanks to the divestment of assets in Peru, which generated more than $4,4 billion, and effective management of liabilities in Brazil, the note explains.
The divestments also gave an acceleration to theNet income, which almost tripled to $2,5 billion, compared to approximately $780 million in the same period of 2023. The Peruvian operation contributed €1,7 billion to the nine-month profit. In the third quarter, however, profit fell from $307 million to $176 million (-43%), mainly due to withholding taxes on dividends. Despite this, the cash flow showed positive signs, reaching 90 million dollars, compared to a negative result of over one billion in the first nine months of 2023. Finally, the energy giant maintains a robust liquid assets of $4,7 billion, with 73% in cash and 27% in credit lines.
