Spain's Soltec closes H1 2022 in the red, Q2 profitable

Spanish solar trackers maker and project developer Soltec Power Holdings SA (BME:SOL) reported on Thursday a net profit of EUR 5.5 million (USD 5.49m) for the second quarter of 2022, a vast improvement compared to a EUR-15.3-million loss in the year-ago period.

The results reflect strong performance of the industrial side of the business, which makes and supplies trackers and provides construction services to tracker customers, and Soltec’s measures to soften the impact of Covid-19 and global logistics disruptions, the group said.

Second-quarter revenues totalled EUR 146.7 million, up by 150% year-on-year. Adjusted EBITDA arrived at EUR 7.9 million, compared to a negative EUR 12 million a year back.

Despite revenues growing by 181% year-on-year in January through June, adjusted EBITDA came back negative and net loss totalled EUR 10 million, shrinking from a EUR-19.9-loss recorded in the same period in 2021.

The tracker division, Soltec Industrial, enjoyed an EBITDA margin of 6.4% in the second quarter, boosting revenues by 149% on the year. Between January and June, this division supplied 1.7 GW of trackers, Soltec said.

The project development division Powertis so far has only one 5-MW solar farm in operation in Spain. It is also equipped with a pipeline of 12.9 GW of projects in different stages of development in Europe and the Americas.

(EUR 1.0 = USD 0.998)

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