Energiekontor AG Announces Record Results for 2023, Forecasts Growth and Confirms Strategy

Energiekontor AG, a prominent German developer and operator of wind and solar parks, reported a highly successful 2023 financial year with record earnings, according to their press release dated March 28, 2024. The company saw a significant increase in sales and earnings, surpassing their raised forecasts from December 2023, and proposes an elevated dividend of 1.20 euros per share.

In 2023, Energiekontor's consolidated revenues grew by nearly a third to about 241.8 million euros, with total income up by 7.7% to 275.4 million euros. This achievement was highlighted by a strong project business and a decrease in operating expenses, resulting in a 43.1% rise in Group net profit (EBIT) to 114.4 million euros. The company also benefited from favorable tax conditions on projects sold abroad, leading to a significantly lower Group tax rate and a notable increase in Group net profit for the year to 83.3 million euros.

The company's project development and sales segment were key to this performance, particularly through the sale of the Scottish wind park project Garbet. Additionally, Energiekontor successfully sold five projects with a total generation capacity of about 162 megawatts and put into operation six wind parks and one solar park.

Despite challenges, including delays and operational shutdowns in some wind parks, Energiekontor's overall electricity production from its own parks increased. The company also expanded its project pipeline by more than 1 gigawatt, setting the stage for continued growth in line with their 2023 to 2028 strategy.

Looking ahead, Energiekontor anticipates shifts in project completions and earnings, especially with potential grid expansion delays in the UK. Nevertheless, the company remains confident in its resilient business model and growth strategy for the coming years.