Soltec Reports €159m Revenues and Net Profit of €15m in Q3
Soltec closed the third quarter of the year with revenues of €159m, an increase of €59m compared to the same period last year, an adjusted EBITDA of €14m and a net profit of €15m.
November 15, 2022. By News Bureau
For the first nine months of the year, revenues reached €403m, an increase of €216m compared to the same period last year. Adjusted EBITDA also rose to €8.5m and net profit to €4.5m, a significant improvement compared to 2021.
The good results are driven by a strengthened demand, the reduction in global disruptions, with an improvement in logistics conditions at a global level, as well as the impact of the measures taken by the company to mitigate them.
The company maintains its guidance for the end of the 2022 financial year, with a consolidated EBITDA for Soltec Power Holdings of between €15m and €20m.
In the Industrial Division, revenues are expected to be in the range from €450m to 550m and the EBITDA margin, from 2% to 3%. In the Project Development Division, Soltec expects to achieve an EBITDA of between €7m and €11m.
The Industrial Division consolidated the trend shown in the second quarter and recorded a strengthened demand with revenues of €158m in the third quarter, and EBITDA margins of 3% thanks to the measures implemented by the company to mitigate the global disruptions that impacted it in previous quarters, as well as the reduction of tensions in the logistics chain.
At the operating level, the industrial division maintains solid operating indicators, with a backlog (signed projects pending execution) of €308m (1,537 MW), which is well diversified geographically in Latin America 51%, North America 26% and Europe 23%.
Regarding the pipeline (projects that have not yet been signed but with a certain degree of probability of success), it stands at €3,669m (25,174 MW), with Europe (46%), Latin America (25%) and North America (15%) as the most relevant markets.
The company reported an accumulated track record of more than 14 GW as of September 2022, having supplied 2.6 GW of solar trackers during the first nine months of the year.
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