Romania's Electrica Jan-Sept net profit surges

The net result was partially driven by higher power distribution tariffs and increased retail sale prices, the company said in an unaudited consolidated interim financial statement filled with the Bucharest Stock Exchange on Thursday.

Electrica's operating revenues rose to 4.895 billion lei in January-September 2020,compared to 4.723 billion lei in the same period of last year.

The company's operating profit soared to 461 million lei at end-September 2020, from 194 million lei a year earlier.

EBITDA increased to 829 million lei in the nine months through September, compared to 549 million lei in the like period of 2019.

"The current context has not necessarily led to a change in priorities, but rather to a need to focus efforts to accelerate their implementation. From this perspective, we managed to accelerate the major transformation projects planned at Group’s level, in all main business directions: distribution, supply and services," Electrica CEO Georgeta Corina Popescu said.

"Additionally to internal optimization and cost efficiency, we became the most important investor in electricity distribution infrastructure in Romania and continued to develop our business portfolio in both the supply and services areas, also by expanding the activity in the field of generation from renewable sources," the CEO added.

Electrica booked a net profit of 206 million lei in 2019, down from 230 million lei profit a year earlier.

Shares of Electrica, in which the Romanian state owns a stake of 48.8%, are listed on the Bucharest Stock Exchange and the London Stock Exchange.

Electrica's shares changed hands 2.52% higher at 12.2 lei by 1508CET on Friday in Bucharest

(1 euro=4.8690 lei)