Ence reported a net profit of €247 M in 2022

Ence Energía y Celulosa reported a consolidated net profit of €247 million in 2022 – compared to the negative €190 million recorded in 2021 – following the rulings handed down on 7 February by the Supreme Court, which confirmed the validity of the extension of the concession for the company’s biofactory in Pontevedra until 2073.

Following the outcome of these rulings, the group has reversed €169m of the impairments and provisions recorded in the pulp business in the 2021 financial statements as a result of the rulings of the National Court, handed down in that year. As a result, in the fourth quarter the group’s net profit amounted to €180m, compared to €2m in the same period of the previous year.

Strong pulp prices and good operating results also boosted the company’s profit.