Spanish energy company Audax reports impressive financial results for 2023, with a remarkable 304% increase in profit

Spanish renewable power and gas supplier Audax Renovables SA reported a 78% increase in EBITDA to EUR 96.1 million (USD 105.2m) and a net profit growth of 304% year-on-year in 2023, hailing the financial results as its best ever.

The company generated revenues of EUR 2.29 billion in 2023, down by 13% on declining power and gas prices in its markets. Gross profit rose by 64% to EUR 236.3 million, with the net profit reaching EUR 31.4 million compared to just EUR 7.77 million in 2022.

Jose Elias, Chairman of Audax Renovables, said the company's success was the result of its strategy based on vertical integration and risk diversification.

As a producer of renewable energy, Audax generated 279 GWh of electricity from its wind and solar farms in Spain, France and Poland in 2023, 8% more than the year prior. The 66-MW Toabre wind farm in Panama, in which Audax holds a 30% stake, produced 242 GWh in 2023, up by 107% year-on-year, thanks to the El Nino phenomenon, the company said.

Audax closed the year with 263 MW of installed solar and wind capacity, after adding 18 MW over the course of 12 months. It currently has 66 MWp of solar photovoltaic projects under construction.

As an electricity and gas retailer, the group increased total energy supplied by 5% to 13.8 TWh, despite a 6% reduction in the number of supply points. Electricity accounts for 69% of Audax’s customer portfolio, while the rest is gas.