Interconexión Electrica S A E S P : New projects awarded to ISA reached COP 1.3 trillion in the first quarter of 2024.
May 03, 2024 at 05:18 pm EDT
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The results for the first quarter of 2024 show progress on the goals of the ISA2030 Strategy. In 1Q23, return on average equity (ROAE) remained stable at 14% at the end of the quarter, and net income closed at COP 634 billion. The backlog (committed investments pending execution) closed at COP 29.4 trillion at the end of the first quarter and executed investments reached COP 1 trillion, distributed as follows: 29% in Colombia, 46% in Brazil, 13% in Chile and 10% in Peru.
Milestones for the quarter include:
The awarding of the Panamericana Este Highway concession was signed in Panama, marking ISA's entry into the road business in Central America. This project has a reference CAPEX of USD 283 million (COP 1.1 trillion).
In Colombia, UPME awarded ISA two transformer projects at the Primavera and Sogamoso substations, with a reference investment of COP 146 billion. In addition, a private deal was signed with Transelca for the connection of the Guayepo III project, thus expanding the Sabanalarga substation. The three projects strengthen the transmission system and make it available and reliable.
In Brazil, ISA CTEEP was awarded eight transmission network reinforcements, with a referential investment of BRL 58 million, equivalent to COP 44 billion.
It is worth noting that ISA is currently progressing in the construction of 34 projects that include 5,400 kilometers of power lines and 407 kilometers of roads in the countries where it operates in Latin America; projects that accelerate the energy transition and strengthen the system. These projects will represent an additional COP 1.7 trillion in revenues for ISA once in operation.
Values such as revenues and EBITDA between 1Q23 and 1Q24 were affected by the appreciation of the Colombian peso against the US dollar (18%), the Brazilian real (14%), and the Chilean peso (30%). Consolidated revenues decreased in 1Q24 by 12% (COP 2.7 trillion) when compared to the same period of 2023, and without the exchange adjustment, an increase of 1% was recorded. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached COP 2.1 trillion in 1Q24 compared to COP 2.4 trillion in 1Q23, a decrease of 11%. Explained by the effects of the exchange rate and excluding these effects, adjusted EBITDA grew by 2%.
"We maintain our path of compliance with the ISA2030 strategy with solid financial and operating results, the execution of projects that will increase our asset base and revenues, and the search for new opportunities, which is reflected in our operating results, even though these were impacted by the exchange rate effect, given the revaluation of the Colombian peso,", said Gabriel Melguizo Posada, ISA's Interim CEO.
Download the 1Q24 Results Report at this link.
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Interconnection Electric SA ESP (ISA) is a Colombia-based company engaged in the transmission of electric power. The Companyâs business is structured into five divisions: Electric Energy Transport, operating a network of high-voltage transmission circuits in Colombia, Peru, Bolivia and Brazil; Smart Management of Real Time Systems, which manages the facilities of the National Interconnected System (SIN), Commercial Settlement System (SIC), Wholesale Energy Market (MEN) and International Electricity Transactions (TIE); Construction of Infrastructure Projects, which include the development of high-voltage and fiber-optic transmission networks; Telecommunications Transport, which is involved in the leasing of the Companyâs transmission networks to other operators, and Road Concessions, which focuses on the construction, management and exploitation of highways, toll roads and other related infrastructure. On September 30, 2013, the Company established a subsidiary, Intercolombia SA ESP.