The Lithuanian energy giant Ignitis Group presented its results for the last quarter today. It turned out that there was a noticeable jump in profits, so the annual adjusted EBITDA forecast was raised. Today, its shares on the Vilnius Stock Exchange are becoming more expensive: Ignitis grupė 18.3 (0.33%) .
During the last quarter, the mentioned group's income reached 438.8 million. euros, or about one percent less than a year ago during the same period.
Ignitis group's quarterly EBITDA profit jumped from 44.6 to even 105.3 million. EUR, and net – from 28.6 to 49.7 million. euros. Adjusted EBITDA grew over four percent to 108 million. EUR, and adjusted net profit fell by 15.3 percent to EUR 52 million. euros.
As for the individual segments of the group, Green Capacities' quarterly revenue grew by 36.1 percent to 86.8 million. EUR, and adjusted EBITDA – 47.1 percent to EUR 39.1 million. euros. In the case of networks, revenue grew by a fifth to 155.8 million. EUR, and adjusted EBITDA profit – 25.5 percent to EUR 50.2 million. euros, when the Reserve capacities fell by 58.8 percent to 19.2 million, respectively. euros and grew by 47.2 percent to 5.3 million. euros. The revenue of the Solutions for Clients segment fell by 13.2 percent to 218.8 million. EUR, and the adjusted EBITDA was negative and amounted to 5.5 million. euros (a year ago in the second quarter it was positive and amounted to 20.8 million euros).
In total, after the first half of this year, the income of the Ignitis group reached 1.092 billion. euros, which compared to the same period in 2023, is slightly more than a fifth less. EBITDA increased by 22.6 percent to 294.2 million. euros, and net profit – over eight percent to 168.4 million. euros. Adjusted EBITDA increased by 14.3 percent to 289.7 million. euros, and the adjusted net profit rose by about ten percent to 164.6 million. euros.
According to the group's statement, according to our Dividend Policy, we propose to pay a dividend of EUR 0.663 per share for the 6-month period of 2024, for a total of EUR 48.0 million. euros. The extraordinary general meeting of shareholders, which will take place on September 11, 2024, has yet to make a decision on this.
Taking into account the strong results, we increase the 2024 Adjusted EBITDA forecast to 450 – 480 million. euros, (it was 440 – 470 million euros). Our Investment forecast has not changed and continues to reach 850-1000 million. euros.
Ignitis Group's shares have fallen in price by 9.3 percent over the past one year, and by about three percent since the beginning of this year. For comparison, the value of the OMX Vilnius GI index rose by 0.7 and 4.3 percent, respectively.
