CEMIG shares fell sharply this Friday (21), one day after the release of the company's fourth quarter 2024 results. The day began with the share at R$11,33 and by the time this report was closed it was at R$10,82.
Os company results, released on Thursday (20), presented a mixed outlook. Adjusted net income reached R$1,17 billion, while Cemig D's EBITDA ed a 19% increase compared to the fourth quarter of 2023.
However, one of the main points of concern was the 62% reduction in trading results, which may have negatively influenced investor behavior.
The company's total investments reached R$1,67 billion in the period, an increase of 12% compared to 4Q23. Cemig Group also recorded growth in its customer base, reaching 9,41 million consumers in December 2024, an increase of 191 thousand customers (2,1%) compared to the same month of the previous year.
“The supply of energy to captive customers plus the energy transported to free customers and distributors, excluding compensated energy from DG, totaled 12.317 GWh in 4Q24, a reduction of 1,0% compared to the same period in 2023,” the company reported.
“This result was mainly due to lower consumption in the rural (-131,8 GWh or -15,8%), commercial (-102,1 GWh or -5,9%) and public services (-80,3 GWh or -8,8%) classes due to migration to DG, milder temperatures and greater rainfall, reducing the need for irrigation. On the other hand, the industrial class showed an increase in consumption (+205,7 GWh or +3,7%) with the growth in industrial production”, he added.
Also according to CEMIG, the 1% reduction in total distributed energy resulted from the 8,9% reduction (-564,5 GWh) in captive market consumption, partially offset by the 7,2% increase (+436,9 GWh) in grid use by free customers.
Analysis of XP Investments
XP Investimentos' head of Energy and Sanitation, Vladimir Pinto, and Utilities analyst, Bruno Vidal, assessed that Cemig's (CMIG4) operating results in the fourth quarter were slightly below expectations. brokerage projections.
“After excluding non-recurring effects, Cemig’s adjusted EBITDA of R$1.870 billion was 5% below our expectations of R$1.968 billion, mainly explained by higher-than-expected operating expenses due to the increase in third parties. We maintain our Neutral recommendation, with a target price of R$12,8/share,” the experts highlighted.
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