Cox Energy, Coxabengoa’s Energy Division, Tripled Its Revenues During 2023 to 1,279 Million Mexican Pesos, With an EBITDA of More Than 350 Million Mexican Pesos

Cox Energy, Coxabengoa’s Energy Division, Tripled Its Revenues During 2023 to 1,279 Million Mexican Pesos, With an EBITDA of More Than 350 Million Mexican Pesos

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

  • Consolidated EBITDA in 2023 closed at 350.5 million pesos, reporting a sales margin of over 27.0%.
  • The company increased its revenues by 200% over the previous year, reporting a consolidated revenue for 2023 of 1,279.3 million MXN.
  • The value of fixed assets as of December 31, 2023 was 5,408.5 million MXN, reflecting an increase of 4,174.3 million MXN versus 2022, mainly as a result of the acquisition operations carried out during 2023.
  • Cox Energy at the close of 2023 had an advanced pipeline totaling 3.3GW of energy, with 57 projects in different stages of development, construction and operation, including 5 projects in operation totaling 383MW.

MEXICO CITY, Feb. 29, 2024 (GLOBE NEWSWIRE) — Cox Energy, Coxabengoa’s energy division, recorded a 200% increase in revenues during 2023 compared to the previous year. This increase in the company’s revenues was mainly due to the incorporation of the assets of Coxabengoa Infraestructuras Energía, which were only consolidated for one month of the year, as well as the 3 months of consolidation of Cox Energy Europe. In addition, energy trading revenues in Mexico grew by 25% during the year, contributing to the increase in consolidated revenues. With these results, the Company exceeds its 2023 targets, reaffirming its commitment to growth and value generation.

EBITDA for the twelve months of 2023 was 350.5 million MXN, which includes the positive effect of the integration of Abengoa’s energy assets, as well as the contribution of what was generated by the European platform and the trading and self-consumption business.

During the twelve months of 2023, a net loss of 83.9 million MXN was recorded for accounting purposes, mainly as a result of the recording of an extraordinary accounting effect due to the impairment of intangibles. However, without considering this extraordinary effect, the account for the period would have recorded an adjusted net income of 56.2 million MXN.

The value of fixed assets as of December 31, 2023 was 5,408.5 million MXN, an increase of 4,174.3 million MXN versus 2022, mainly as a result of the acquisition of Abengoa’s energy assets, including the operating assets in Brazil and Algeria, and the incorporation of the assets of the European platform, which include the trading company in Spain and the 40% stake in Ibox Energy, a developer of photovoltaic projects in Spain.

Cox Energy’s CEO, José Antonio Hurtado de Mendoza, noted that “2023 was a year of transformation marked by several milestones: The integration of Cox Energy’s European platform and the acquisition of CA Infraestructuras which includes Abengoa’s energy production assets.” Hurtado de Mendoza also stated, “During 2023 we increased our operations by participating in public tenders and long-term strategic agreements, which allowed us to achieve extraordinary financial results, with record growth in revenues and EBITDA, thus exceeding the established objectives.“

Cox Energy has an advanced pipeline of projects totaling 3,3GW of power in different stages of development, construction and operation, including two assets in operation from Abengoa’s energy portfolio totaling 220 MW, Abengoa Bioenergía Brasil, which operates a 70 MW bioethanol cogeneration plant in Brazil, and a 150 MW hybrid combined cycle plant with solar thermal technology for power generation in Algeria. In addition, in 2023, it commissioned the La Meseta de los Andes solar plant in Valparaíso (Chile) with a capacity of 160 MW and started operations of the portfolio of PMGDs in Chile, totaling 42 MW.

Cox Energy is present in the entire value chain: from project development, financing, procurement of materials, operation and maintenance, to asset management, energy supply, self-consumption and now also the engineering and construction of the plants.

CONTACT: For more information, please contact
Javier Solís.
Director of Communications.
Cox Energy
Phone numbers 91-438.42.58 / 608.528.568
j.solis@coxenergy.com

Media Contact:
Saúl Sánchez.
Miranda Partners
Phone 5541920643
saul.sanchez@miranda-partners.com

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