Estonian renewables company Enefit Green’s net profit soared 142% in the fourth quarter of 2021, compared with the same period in 2020.
Net profit in Q4 2021 stood at €39.4m, up from €16.3m. Enefit Green said net profit for the whole of last year was €79.7m, a rise of 17% on the €67.9m posted in 2020.
Growth was supported by high electricity prices in the second half of the year, control of growth in fixed costs and digitalised asset management which helped secure the availability of production assets and stability in production operations, the company said.
The fourth quarter 2021 revenue was €68.9m, up 57% from the €44m in the previous year.
EBITDA was up by 77% year-on-year at €49.6m in Q4.
Revenue for the full year 2021, increased by 13% y-o-y to €183.7m and EBITDA was up by 10% at €121.5m.
Enefit Green management board chairman Aavo Karmas said: “The year 2021 proved that people’s faith in green transition is well grounded and gave a powerful signal that we quickly and strongly need to increase carbon neutral power generation capacities.
“There is a demand for more renewable energy in both Estonia and Europe. Wind and solar are the cheapest and most sustainable energy sources and the technologies and solutions for large-scale wind and solar power production are available.
“Enefit Green’s financial results in 2021 were very strong. The year started on a slightly weaker note due to hard comparison with one of the windiest first quarters in recent memory which had allowed us to achieve record wind energy production volume in 1Q20.
“As wind conditions were weak in 1Q21, our wind energy production suffered, but as the year progressed, wind conditions improved and so did our results.
“Second half production volumes were very good and financial results were also supported by strong electricity prices.
“I am very happy about record electricity and heat production results of our Iru facility and about the tremendous work of our digitalisation focused asset management team which has enabled us to keep availability of our production units at a very high level.”