Neoenergia (NEOE3) profits rise 3% to R$1.5 billion in the third quarter – Money Times

a New energy (New3) ended the third quarter with net profits of 1.5 billion riyals, an increase of 3% compared to what was recorded between July and September of last year, according to the balance sheet issued on Wednesday.

Among the points that affected the result: New energy He pointed out the conclusion of the first phase of the partnership with the Singapore Sovereign Fund (GIC), with the sale of 50% of the eight transportation operating assets, which allowed a cash flow, in September, of about 1.1 billion riyals.

In addition, exchange assets with Eltrobras (Elite3), which had a positive impact on the quarter’s results, with R$1.5 billion of added value in the acquisition of full control of the Dardanellos Hydropower Plant (MT).

The process was also marked by transfer to Eltrobras Participation in the Teles Pires (PA/MT) and Baguari (MG) hydroelectric power stations.

“In addition to this performance, we maintained cost discipline, achieving operating expense growth of only 4% in the quarter, below inflation,” Neoenergia CEO Eduardo Capellastegui said in a statement.

The electricity company controlled by Spanish company Iberdrola recorded adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the period of 2.6 billion reais, an increase of 4% compared to the same quarter in 2022.

The total volume of energy pumped reached about 20 thousand gigawatts per hour in the third quarter, an increase of 4.7% compared to the same period last year.

The company said that the five agents ended the third quarter with an increase of 317,000 new consumers, with a total of 16.3 million active customers.

“With this important achievement, New energy The company maintains its leadership as the largest company in Brazil in terms of number of customers in the field of energy distribution.

Regarding investments, capital expenditures implemented amounted to 2.2 billion riyals during this quarter.