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Enlight Energy
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which deals with the initiation, establishment and operation of projects for the production of electricity from solar energy and wind energy in Israel and Europe. reports its results for the second quarter of 2022, and updates forecasts for the entire year 2022.
The company reported in the second quarter on FFO from the yielding projects amounting to NIS 78 million, 12% higher than a year earlier. Revenues in the quarter jumped by 42% to NIS 133.1 million, compared to revenues totaling NIS 76.1 million in the corresponding quarter last year. The EBITDA in the second quarter also jumped by 17% and amounted to NIS 105 million compared to NIS 87 million last year.
The company’s gross profit amounted to NIS 74.7 million compared to a gross profit of NIS 47 million in the corresponding quarter. The operating profit jumped by 45% and amounted in the second quarter to NIS 46 million compared to NIS 25 million in the corresponding quarter.
The highlight of Enlight’s reports is the shift to a net loss on the bottom line. The company reports a net loss of NIS 2.6 million in the second quarter, compared to a net profit of NIS 15 million in the corresponding quarter, the shift to a special loss for the company’s financing expenses in the second quarter, which amounted to NIS 64.9 million compared to NIS 34 million in the corresponding quarter.
The company’s forecast for 2022:
The revenue forecast for 2022 is NIS 610-640 million, a 43% increase compared to 2021. The company’s EBITDA forecast is NIS 410-440 million, a 33% increase compared to last year. The FFO forecast is NIS 300-330 million, an increase of 33% compared to last year.
Gilad Yavetz CEO of Enlight: “We finished another quarter with strong financial results, with an increase in revenue, EBITDA and FFO compared to the corresponding quarter. The commercial start-up of the flagship Gecama project in Spain at the end of the second quarter is expected to further increase growth in the second half. In addition, we are experiencing an accelerating global energy crisis the transition to renewable energies and the demand for our projects. This quarter we raised the rate of our long-term electricity sales contracts in a variety of large projects in the US and Europe, where we expect this trend to continue.”
“The Inflation Reduction Act in the USA generates a strong tailwind for our American portfolio, and is expected to significantly improve project returns. Noting the great opportunity that exists in the European markets and the announcement of our expansion to initiate projects in the Middle East and North Africa, we are working to prepare the necessary financing. In this context, we are proud of Altshuler Shaham’s significant entry into investing in the company, and we will also continue to examine options for an offering in the American market.”
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