ADMIE Group announced a quadrupling of investments and a significant increase in revenue, operating and net profitability for the first quarter of the year.

“The financial performance of the ADMIE group in the first quarter marks the dynamic start of the year with particularly strong prospects, following the full implementation of the Single System Usage Charges which had a positive effect on the smoothing of the recovery of its required income for 2023 and the full restoration of its economic dimensions”, the announcement emphasizes.

Particularly:

– The group’s revenues in the first quarter of 2023 amounted to 93.6 million euros, compared to 70 million euros in the first quarter of 2022 (a 33.8% increase).

-Consolidated Earnings Before Interest, Taxes and Depreciation (EBITDA) increased by 53.4% ​​to EUR 70 million compared to EUR 45.6 million in Q1 2022. Group comparable EBITDA was EUR 70.1 million , up 48.7% from 47.1 million.

-Consolidated Profits before Taxes amounted to 38.7 million euros, increased by 138.5% compared to 16.2 million euros in the first quarter of 2022, while consolidated Net Profits amounted to 29.5 million euros compared to 12, 2 million euros in the first quarter of 2022.

-Investments amounted to 148.7 million euros in the first quarter of 2023, compared to 36.2 million in the first quarter of 2022.

“The strong increase in investment costs in the first quarter of 2023 is reflected in the dynamic course of implementation of the electrical interconnections program, through which ADMIE is developing the National Electricity Transmission System with a horizon of 2030”, emphasizes the Administrator.

“Following the completion of the cable laying in March 2023, the construction of the Crete-Attica electrical interconnection is proceeding intensively and on its land side, the fourth and final phase of the Cyclades electrical interconnection is underway. At the same time, the Western Corridor, the new transmission line that integrated the Peloponnese for the first time into the 400 kV ultra-high voltage system, was put into full operation, upgrading energy security throughout southern Greece. With the completion of the Operator’s extensive €5 billion investment program by the end of the decade, all of the largest Aegean islands will now be directly interconnected with the continental high-voltage system and enjoy a stable and cleaner electricity supply, while the electric space for the absorption of new RES units will increase to 28 GW, from 18 GW today, exceeding the projections of the National Energy and Climate Plan for the same period. In addition, the country will have a denser network of international interconnections which will significantly enhance its energy security as well as its export potential in green energy».