November 16 (SeeNews) - Romanian power supplier and distributor Electrica Group's net profit soared to 534 million lei ($114 million/109 million euro) in the first nine months of 2022, from 72 million lei in the same period of 2021, as a result of the increase in electricity prices, parent company Electrica SA [BSE:EL] said.
Electrica Group's revenues rose by an annual 44.4% to 7.24 billion lei in the first nine months of 2022, Electrica SA said in an unaudited consolidated interim financial statement filled with the Bucharest Stock Exchange on Tuesday evening.
Revenues from the supply of electricity and natural gas increased by 1.9 billion lei, mainly from the net effect of the 54% increase in sales prices on the retail market and the reduction by 9% of the amount of energy supplied to the retail market. Revenues from subsidies amount to 2.063 billion lei, as a result of the application of the electricity and natural gas price capping mechanism.
Expenses for purchased electricity soared by 125.8% on the year to 7.727 billion lei in the review period.
The group's total assets rose to 10.89 billion lei at the end of September, compared to 7.88 billion lei at the end of 2021.
The total distributed electricity volume decreased by an annual 3.2% to 13.4 TWh during January-September. During the review period, Electrica Group supplied to the retail market approximately 6.4 TWh, down 9% on the year, to a number of approximately 3.51 million consumption places.
"These results, as well as the strong team that we have, make us confident in the business strategy we have adopted at the Group level and in the decisions taken, and we will continue to pursue the sustainable development objectives of all our business segments, in parallel with maintaining a high degree of resilience in the face of future challenges," Electrica CEO Alexandru Chirita said.
Electrica Group, in which the Romanian state owns a stake of 48.8%, comprises seven companies. Its shares are listed on the Bucharest Stock Exchange and the London Stock Exchange. The group includes Electrica SA, Distributie Energie Electrica Romania, Electrica Frunizare, Electrica Serv. Electrica Productie Energie, Electrica Energie Verde, Sunwind Energy, New Trend Energy amd Green Energy Consultancy.
Electrica SA shares changed hands 9.86% higher at 7.8 lei by 0935 CET on Wednesday on the Bucharest bourse.
(1 euro=4.9032 lei)