Spain's Soltec returns to black with revenues up 116% in 9-mo 2022

Spanish solar trackers maker and project developer Soltec Power Holdings SA (BME:SOL) earned a net profit of EUR 14.5 million (USD 15.1m) in the third quarter of 2022, more than enough to recover from a EUR-10-million accumulated over the first six months of the fiscal year.

Solid performance of the two divisions, tracker manufacturing and project development, contributed to the end result. In the earnings report, Soltec also highlighted stronger demand and improved logistics thanks to measures it had taken to mitigate the impact of global disruptions.

Third-quarter revenues rose by 59% year-on-year to EUR 158.8 million, while adjusted EBITDA totalled EUR 13.6 million compared to a EUR-3.4-million loss in the year-ago period.

Results for the first nine months show revenues leaping by 116% on the year to EUR 403.4 million on tracker supply and construction services provided for tracker customers. Adjusted EBITDA came at EUR 8.5 million compared to a EUR-22.5-million loss recorded after nine months in 2021.

Soltec ended the January-September period with a net profit of EUR 4.5 million, marking a return from a EUR-20-million loss a year back.

The tracker and construction services division, Soltec Industrial, had a backlog of contracts valued at EUR 308 million for 1,537 MW of projects.

The project development division, Powertis, has 117 MW of solar farms in operation in Spain and Brazil, 117 MW under construction and 488 MW in the backlog. Its pipeline under development stands at about 12,955 MW, including identified opportunities, and includes projects in Europe, Latin America and the US.

(EUR 1.0 = USD 1.043)

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