Solaria shares rose 3.75% on Ibex despite a 5% decline in profits
In the first three months of the 2024 financial year, Solaria achieved a net turnover of 40,024 thousand euros (+6%), EBITDA of 41,789 thousand euros (+4%), EBIT of 32,482 thousand (+1%), profit before taxes of 24,123 thousand euros ( -4%) and profit after taxes of 23,592 thousand euros (-5%).
Two hours before the market closed, Solaria presented results for the first three months of the year, a period during which it net profit amounted to 23,592 thousand euros, which is 5% less compared to 24,949 thousand last year. Despite this, investors are applauding the reports and opting for buys at a price that is currently up 3.75% at €11.63 on Ibex.
In the first quarter of 2024 net turnover Solariums amounted to 40,024 thousand euros (+6%), and income amounted to 48,556 thousand euros, which represents an increase of 9% compared to the same period of the previous year. “This growth is mainly due to increased production of new photovoltaic plants, which offsets the fall in energy prices, as well as the first asset rotation carried out by the Group,” the company says.
From my side, EBITDA increased by 4%, and personal expenses grew by 43% due to “an increase in the average size of the group’s workforce compared to the same period of the previous year, an increase necessary to begin the process of international expansion in which the group is immersed.”
Strategy and prospects
According to Solaria in a message sent to the CNMV, the beginning of 2024 marked the start of construction of the 700 MW Garoña photovoltaic complex (Burgos, Castilla and Leon), one of the company’s flagships along with the 626 MW Cifuentes. -Trillo plant (Guadalajara, Castilla-La Mancha), which was connected to the grid in March 2023. In terms of new permits, Solaria recently received administrative approval for its 175 MW Olivas project, located in the province of Guadalajara (Castilla-La Mancha). ) and will produce enough energy to power the needs of 98,000 homes, which is more than all the electricity needed by the city of Guadalajara.
As for your internationalization plan, the Italian market will play a fundamental role in the coming months, during which the company will promote its three main projects; Palermo (241 MW), Luccano (243 MW) and Spinazzola (308 MW). Solaria will focus on agrivoltaic development of large areas, which will optimize both energy production and agriculture. Likewise, the group has opened new offices in Berlin, thereby continuing the process of expansion and growth of the team in Germany, where the company operates. More than 5 GW of potential projects have already been identified, mainly in the northeast of the country.
Inside strategic innovation plan Solaria recently announced its entry into the data center market. The company has already received an access and connectivity feasibility study from Red Eléctrica to meet demand for a total capacity of 155 MW for data centers (DCs). To develop this new line of business, Solaria created the Solaria Data Center company. Likewise, the company will operate its own electrical infrastructure associated with existing, under construction and development power generation projects, which, in addition to the energy infrastructure itself (generation, substations and high voltage lines), includes fiber optics to connect said projects.
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