WindForce soars to new heights with stellar quarterly performance

WindForce PLC, 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 Rs. 1.95 billion, a significant leap from Rs. 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 30 June soared to Rs. 1.56 billion, marking a 28% increase from Rs. 1.22 billion in the previous year. Net profits also demonstrated substantial growth, climbing 27% to Rs. 652 million, up from Rs. 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 since January 2024, adding an extra Rs. 74 million to the group’s earnings.

Further solidifying its position as a key player in sustainable energy, Solar Universe Ltd., a subsidiary of WindForce, was awarded the Gold trophy for its outstanding solar power initiatives. Additionally, the Bulathwatte mini hydro power plant received the Bronze trophy for its significant contributions in the mini hydro power category.

These accolades and financial achievements underscore WindForce PLC’s unwavering commitment to innovation, environmental sustainability, and its leadership in the renewable energy industry.