EEB's profits surge in Q2

Friday, July 25, 2014

Colombian energy holding group EEB saw net profit reach 957bn pesos (US$517mn) in 2Q14, up 33.2% year-on-year.

EEB's operational profit grew 29% year-on-year to 93bn pesos in the quarter, largely driven by its natural gas operations in Peru and electricity distribution in Colombia, the company said in a release.

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The company also noted that Colombian gas transporting company Transportadora de Gas Internacional (TGI), in which EEB now holds an interest of 99.97% following an added stake deal, saw solid operational revenue and Ebitda performance. Earlier this month, TGI announced its participation in Colombia's Pacific oil pipeline project.

"The integration of new projects which have come on stream, as well as the recent acquisition of the minority stake in TGI, will continue being the drivers of positive results in EEB during 2014. All group companies are committed to our 2013-17 expansion plan, which amounts to US$7.5bn, of which we have already committed US$1.24bn," said EEB CEO Sandra Fonseca.

Consolidated Ebitda grew 22% year-on-year to 1.97tn pesos, EEB added.

EEB was among the names of potential buyers of a 57.6% stake in local power generator Isagén, although EEB lost an appeal against conditions stipulating that it would have to divest and waive voting rights in various energy assets if it gained the stake in Isagén.

Fonseca has voiced her opinion on Colombia's handling of the deal, and has signaled that the company is also looking internationally for future growth and acquisitions.

BNamericas will host its fourth LatAm Power Generation Summit in Santiago, Chile, on August 13-14. Click here to download the agenda.