Consolidated profits of Grupo Energía de Bogotá reached COP$492 billion during the first half of 2015
27 August 2015
- Empresa de Energía de Bogotá (EEB), parent company of Grupo Energía de Bogotá, disclosed today the results of its preliminary financial statements under IFRS for the 1H of 2015.
Bogotá, D.C., 27 August 2015.At the closing of 1H 2015, Empresa de Energía de Bogotá (EEB), parent company of Grupo Energía de Bogotá, shows net profits amounting to COP 492.5 billion, resulting from its sound performance in the gas transport and distribution businesses.
Net profit shows a reduction of 23% when compared to the same period of the previous year as a result of advanced decreed dividends in related companies during 2014 for an amount of COP 607.4 billion and the difference in the net exchange rate due to the impact generated by the devaluation of the Colombian peso and its accounting effects when expressing debt denominated in dollars into Colombian pesos.
Growth in operational revenues of 56.1% stand out in the natural gas distribution business in Peru, resulting from new connected clients in its subsidiary companies, Cálidda and Contugas; and growth in operational profits of 47.6% in the natural gas transport business in Colombia given the sound performance of Transportadora de Gas Internacional (TGI).
Mr. Ricardo Roa Barragán, CEO of Grupo Energía de Bogotá, highlighted the results obtained during the 1H of the year and further stated that EEB, as parent company and its affiliate companies have met growth and investment objectives forecasted for 2015.
About Grupo Energía de Bogotá
Grupo Energia de Bogota is the leading corporation in the Colombian power sector. Through EEB it transports electricity to the most significant markets in terms of demand and size in the country and participates in the distribution of electricity. It controls nine affiliate companies and directly performs the activity of electricity transportation in Colombia, in a market with the highest demand in the country. In the electricity chain in Colombia, it participates in the distribution of electricity via Empresa de Energía de Cundinamarca – EEC. In addition, it controls the largest natural gas carrier in Colombia, TGI S.A with a stake of 47.6% within the market, including an extension of 2957 Kms in gas pipelines services highly populated areas in Colombia such as Bogota, Medellin, Bucaramanga, the Coffee Region and the Llanos Foothills. In Peru, its company CONTUGAS has a 30-year concession for the transportation and distribution of natural gas in the Ica Department, likewise with its company CALIDDA, it distributes natural gas in the regions of Lima and Callao. In that same country, together with ISA, it holds stocks in REP S.A. and TRANSMANTARO S.A., which operate 63% of the electricity transmission system in Peru. In 2010, it established TRECSA - Transportadora de Centroamérica S.A.- in charge of building the most important infrastructure Project in Guatemala and will render electricity transmission services as of 2014. Furthermore, GEB holds an investment portfolio in important companies in the electric power sector, in which the following stand out, CODENSA S.A., EMGESA S.A., GAS NATURAL S.A., PROMIGAS S.A. and Electrificadora del Meta - EMSA and to a lesser extent ISA and ISAGEN. As of 2013, the Group renders advisory and engineering services in Guatemala and Peru through its affiliate EEB Ingeniería y Servicios. Also, in 2014 it created the company Empresa de Movilidad de Bogotá SAS E.S.P., affiliate company dedicated exclusively to developing electric power mobility projects.