High temperatures raised consumption by 6.2 % in first nine months 2024, EYDAP reports
The Athens Water Supply and Sewage Company (EYDAP) on Wednesday reported higher turnover and revenue as a result of a 6.2% hike in consumption in the first nine months of 2024, driven by the high average temperatures in Attica over the period in question. This led to a 6.4% increase in turnover and a 7.3% increase in revenue from the provision of water services, to 178.6 million euros, while revenue from sewage services increased by 5.2% to 80 million euros.
According to an EYDAP announcement for the investment community, in the third quarter of 2024, turnover increased by 5.1% and amounted to 105.2 million euros from 100 million euros. Operating costs before depreciation and amortisation increased by 4% and amounted to 228.7 million euros from 219.6 million euros in the corresponding period of 2023. The main factors that shaped operating costs are:
A) the increase in personnel fees and expenses by 10% (9.7 million euros) mainly due to a one-off payment as well as the signing of a new Collective Labor Agreement
B) the increase in third-party expenses by 14% (6 million euros), mainly due to the increased maintenance costs of the Megara and Koropi Wastewater Treatment Plants that were integrated into the company's operations
C) the reduction in various provisions by 9.9 million euros, mainly due to the reduction in provisions in litigation cases from 4 to -8.1 million euros.
According to EYDAP, THE increase in turnover affected the profitability indicators. The EBITDA for the nine months of 2024 amounted to 51.1 million euros from 43.6 million euros in the corresponding period last year, showing an increase of 17.2%. The EBITDA margin amounted to 18% from 17%. Regarding the third quarter of 2024, EBITDA appears reduced by 14.4% to 20.9 euros million compared to 24.4 million euros in 2023 as operating expenses increased by 12% from 75.4 million euros to 84.3 million euros.
Also, earnings before taxes, financial and investment results (EBIT) for the nine months of 2024 increased by 36.4%, reaching 19.3 million euros from 14.2 million euros in the corresponding period of 2023. The EBIT margin reached 7% from 5%.
During the first nine months of 2024, pre-tax profits amounted to 24.9 million euros from 16.7 million euros in 2023, an increase of 49.5%.
Profit after tax increased by 58.8% to 17 million euros from 10.7 million euros in the first nine months of 2023. Net profit margin stood at 6% from 4% compared to the same periodlast year.
It is noted that the above financial information has not been audited by an independent certified public accountant.
Increase in Investment Programme Absorption
In the first nine months of 2024, the absorption of the investment project programme amounted to 38.5 million euros, an increase of 18% compared to the absorption of the first nine months of 2023.
The 2024-2033 investment programme concerns:
· major projects in Eastern Attica (958.7 million euros)
· water supply network projects (681.6 million euros)
· sewerage projects (364.5 million euros)
· building, digital governance and transformation projects (103.8 million euros)
Fifty percent of the budget of the above projects is financed by the EU.
AMNA
