ISA full-year 2019 net income rises 7.5% year-on-year
Medellin-based multinational electric power transmission, highways concessions and telecom service provider ISA announced March 4 that its full-year 2019 net income rose 7.5% year-on-year, to COP$1.6 trillion (US$457 million).
Revenues rose 12.5% year-on-year, to COP$8.1 trillion (US$2.3 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 9.8%, to COP$5.3 trillion (US$1.5 billion), according to the company. EBITDA margin came-in at 64.9%.
Return on equity came-in at 13.2% for 2019, the highest in ISA’s history.
As for fourth quarter (4Q) 2019, net income fell 24% year-on-year, to COP$440 billion (US$126 million), while revenues rose 5.6%, to COP$2.3 trillion (US$658 million).
EBITDA in 4Q 2019 came to COP$1.4 trillion (US$400 million) and EBITDA margin was 61.7%; according to ISA.
Assets at year-end 2019 were COP$48.8 trillion (US$13.9 billion), up 8.5%, while liabilities rose 6.4%, to COP$27.6 trillion (US$7.9 billion). Meanwhile, investments during 2019 topped COP$2.6 trillion (US$744 million).
The net debt/EBITDA ratio and the EBITDA/financial interest indicators closed at 2.45 times and 5.96 times, respectively, “complying with the appropriate levels to maintain the current credit rating,” according to ISA.
Among 2019 operating highlights:
• ISA brought nine power-transmissions projects into operation in Colombia, Chile, Brazil, and Peru. “These projects will generate annual revenues of US$57.4 million,” according to ISA.
• In 4Q 2019, ISA CTEEP — ISA’s affiliate in Brazil — won three projects in a public auction held by the National Energy Agency of Brazil (ANEEL). “These energy transmission projects represent revenues close to US$20 million per year,” according to the company.
for the ISA’s Group.
• In October 2019, ISA signed a contract to buy 100% of the Cartagena-Barranquilla Coastal Concession, the company’s first highway concession asset in Colombia. “Through this transaction, the organization takes an important step towards its strategy of becoming as an important player in the Colombian road business,” according to ISA.
• Construction revenues for 2019 totaled COP$1.4 trillion (US$400 million), up 45.4% “This change was explained by an increase in construction dynamics of road concessions and energy transmission (COP$310 billion [US$88 million]), and higher gains from the capex optimization and schedules in advance in ISA CTEEP and its companies, for a total of COP$140 billion [US$40 million],” according to the company.
• The highway concessions business unit grew by 7.2% (COP$73 billion/US$20.8 million) “due to an increase in higher maintenance services (COP$30 billion/US$8.5 million) and the implementation of the ‘Free-Flow’ system in Ruta Del Maipo [Chile], plus the increase in management services (COP$37 billion/US$10.5 million),” according to ISA.
• In the telecommunications business unit, revenues rose 11.5% (COP$37 billion/US$10.6 million) “mainly due to the increase in the customer base for connectivity services in Colombia, Chile, and Peru,” according to ISA.