Soltec Reaches Net Profit of €5.5 Mn in Q2

September 15, 2022. By News Bureau

Soltec Power Holdings has closed the second quarter of the year with revenues reaching €146.7 Mn, which represents a 150% increase over the same period last year; an adjusted EBITDA of €7.9 Mn (up €19.9 Mn year-on-year); and a net profit of €5.5 Mn (up €20.9M on the figure reported in H1 2021).

Soltec thereby closes the quarter reporting a robust financial performance, enhanced by the measures implemented by the firm to offset the impact of the current global environment of disruptions.

The company has reported revenues of €244.5 Mn for the first half of year, mainly stemming from the supply of solar trackers together with other construction services, an adjusted EBITDA reaching -€5.1 Mn (+€14 Mn compared to the first half year 2021), whilst net profit stood at -€10 Mn, up €9.9 Mn over the same period last year. The company supplied 1.7 GW in solar trackers in the first half year 2022.

The company maintains its guidance for the full year 2022. Soltec Power Holdings anticipates closing this year with a consolidated EBITDA for the firm of between €15 Mn and €20 Mn. Revenues from the industrial division are expected to lie in the range of €450 Mn to €550 Mn with an EBITDA margin in the range from 2% to 3%. For the photovoltaic project development division, the company guidance forecasts an EBITDA of between €7 Mn and €11 Mn.

On an operating level, the industrial division reports very solid figures with a backlog (projects signed pending execution) which, in the first half of the year, stood at €353 Mn (1,984 MW), and reflected a healthy degree of diversification (Latin America (61%), North America (25%) and Europe (14%)).

As regards the figures for pipeline (projects which have not yet been signed, for which there is a certain likelihood of success) this item stood at €2,924 Mn (24,024 MW), where Latin America (29%) and Europe (34%) are its most significant markets.

The company achieved an accumulated track record of 13.5 GW, supplying 1.7 GW in solar trackers in the first half of the year.

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