March 7, 2021

Renfe shoots 35% of its semi-annual profit due to the AVE boost


Renfe obtained a net profit of 37.3 million euros In the first half of the year, with which the public railway company is consolidated in the path of profits, which also grow by 35.6%, driven by the AVE and the decrease in financial costs.

The operator thus sets its third consecutive year in benefits, after achieving the first surplus in 2017 of its history and on the eve of next year begin to face competition from other companies in the AVE.

At the moment, Renfe's monopoly service for the High Speed ​​network remains its first source of revenue. In the first half of the year, the AVE generated 740.7 million euros, 3.2% more, after raising 4.2% of passengers transported, up to 11.1 million.

Renfe's total revenues increased by 2.8% between January and June, to 2,013.5 million euros. This item includes the 591 million that he received from the State to pay for part of the Commuter and regional trains due to his condition as public services.

On your side, the sale of tickets for these trains generated another 398.1 million euros to the company, 2.4% more, thanks to a 2.5% increase in the number of users, up to 245 million.

AVE to Mecca

For its part, the exploitation of AVE between Mecca and Medina contributed another 17.63 million euros. This is the company's first international service, which currently addresses a strategy to strengthen its foreign business. Thus, it has established subsidiaries in the United States and France, competes to exploit the AVE in the United Kingdom and bid for different services in different Latin American countries.

As to expenses, amounted to 1,773 million euros and remained well below revenues, which allowed the operator to report a gross operating profit (Ebitda) of 240.4 million, according to the official accounts of the company to which Europa Press had access.

The fee or toll that Renfe pays to Adif for the use of train tracks, stations and other railway infrastructure remains as the main item of expenditure, assuming 622.4 million, above personnel costs (473, 2 million) and those of train maintenance (203 million).

Merchandise, in red numbers

Renfe manages to settle with profits the semester thanks to the fact that the AVE and the rest of passenger services cushioned the red numbers that the transport of merchandise continues to report.

Renfe Merchandise closed June with a net loss of 11.7 million of euros, which is also 31% higher than a year earlier. The income of this subsidiary fell 1.5%, to 104.64 million.

In the financial chapter, the company reduced its debt by 4%, which closed the semester by 4,197 million euros. The operator has not yet required financing for its "macroplan" for the renewal of the train park, given that the succession of supply contracts launched in the first half of the year is in the bidding phase.

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