EEB´s net profit grew 115% during 1Q 2012
Bogotá, Colombia, 17 July 2012
- As of June 2012, Net Profit of Empresa de Energía de Bogotá, EEB, reached COP605 billion, exceeding in 324 billion when compared with the same period in the previous year, representing an increase of 115%.
- These positive results were supported by an increase in operational profit of 6% and an increase in non operational results amounting to 252%
Mrs. Mónica De Greiff, CEO of Empresa de Energía de Bogotá headquarters of Grupo Energía de Bogotá, proudly announced the results obtained: “these figures reflect the soundness of the Company´s investments, mostly focused in natural monopolies in the electricity and gas sectors”, added the CEO of Grupo Energía de Bogotá. At the same time she expressed her optimisms as regards the expansion project the company has undertaken in Colombia, Perú and Guatemala, believing that they will have an outstanding impact in future EEB results.
Net profit growth of the company is explained, mainly by better operating results of controlled businesses and greater dividends decreed for its controlled investments. In fact, as of June this year, operational profit of the company grew by 6% and non operational profit by 252%.
Gas transportation business and electricity distribution in Colombia stand out as operational results, which operational profits grew by COP 12 billion and COP 4billion, respectively.
Grupo Energía is currently executing an important expansion plan in most of its business lines. TGI, the greatest natural gas carrier in Colombia is undertaking the second face of the Cusiana enhancement system that will add 110 million cubic feet to its transport capacity, an it is expected that this operation start up before the end of 3Q this year.
At the beginning of this year, EEB was awarded three projects to build transmission assets in Colombia valued in US$ 156 million and should be in operation between 2014 and 2015.
On the other hand Calidda, which has the exclusive distribution of natural gas in the city of Lima and Callao, is making progress in the enhancement of its network. As of June this year it had 82 thousand customers, 20 thousand more than what it had in 2011, its objective is to reach 105 thousand users. The panorama is completed with Contugas in Perú and TRECSA in Guatemala, which are yet in operation byt are progressing in the construction of its respective projects.
The most important non operational result is dividends, which amounted to COP523 billion, representing a variation of COP 344billion with respect to the previous year. The companies that contributed more to this result were Emgesa, Codensa, Gas Natural and Promigas.
About Grupo Energía de Bogotá
Grupo Energía de Bogotá is a leading corporation in the Colombian energy sector corporation. Through EEB it transports electricity to the largest and most significant markets in the country, in addition to exercising control over the largest natural gas transporter in Colombia, TGI S.A. In Perú, its company CONTUGAS has a 30 year concession to transport and distribute natural gas in the Ica Department, while Calidda distributes natural gas in Lima and Callao. In the same country, together with ISA, it participates in REP S.A. and TRANSMANTARO S.A. that operate 63% of the electricity transmission system in that country. In 2010 it incorporated TRECSA - Transportadora de Centroamérica S.A.- , a company which will build the largest and most important infrastructure power project in Guatemala and will render electricity transmission services as of q 2013. Furthermore, it has a portfolio of investments in significant companies in the power sectos, amongst which one may highlight CODENSA S.A., EMGESA S.A., GAS NATURAL S.A., la Empresa de Energía de Cundinamarca - EEC and la Electrificadora del Meta, EMSA and to a lesser extent ISA and ISAGEN.