WindForce posts Rs. 1.95 bn EBITDA in 1Q
WindForce PLC, Sri Lanka’s leader in the renewable energy sector, has announced an outstanding financial performance for the first quarter of the 2024/25 fiscal year. The company reported a robust 87% surge in EBITDA reaching LKR 1.95 billion, a significant leap from LKR 1 billion in the same period last year. This remarkable growth highlights the company’s strategic advancements and market strength.
The group’s consolidated revenue for the quarter ending June 30, 2024, soared to LKR 1.56 billion, marking a 28% increase from LKR 1.22 billion in the previous year. Net profits also demonstrated substantial growth, climbing 27% to LKR 652 million, up from LKR 514 billion recorded in the first quarter of last year. This exceptional financial performance was largely driven by the successful commissioning of the Hiruras 15 MW wind power plant in June/July 2023, which significantly enhanced WindForce’s production capacity and revenue streams.
The wind sector reported a 37% revenue increase.
The hydro sector also delivered impressive results, with a 67% rise in electricity generation revenue, bolstered by the inclusion of the Mahoma plant as a subsidiary from January 2024, adding an extra LKR 74 million to the group’s earnings.