ABO Energy Increases Profit in the First Half of the Year

ABO Energy GmbH & Co. KGaA reported a net profit after tax of 11.4 million euros for the first half of 2024. This marks a 28 percent increase compared to the same period in 2023. The company's operating performance rose to 186.6 million euros, up from 158.8 million euros last year. A detailed financial statement in German and a summary in English are available on the company's website.

Despite a drop in turnover to 122.5 million euros, from 130.7 million euros, the company's work in progress increased significantly to 64 million euros. ABO Energy's project pipeline includes 24.8 gigawatts of renewable energy and battery projects. Approximately 60 percent of these projects are wind-based, 30 percent are solar, and 10 percent are battery-related.

The energy crisis, driven by geopolitical events, has accelerated the shift towards renewable energy. In Germany, ABO Energy benefited from faster approval processes and increased land availability, contributing to 58 percent of the company's revenues. Significant contributions came from the Schierenberg wind power project in Brandenburg, approved in March 2024.

International projects, including two Argentinian solar projects and a Hungarian hybrid solar and battery project, also contributed to the first-half results. Spain accounted for the second-largest share of sales at 22 percent, mainly due to ongoing milestone payments from previously sold projects.

ABO Energy's management remains optimistic, targeting full-year consolidated earnings of 25 to 31 million euros and aiming for an annual profit of up to 50 million euros in the medium term.