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Nov 17, 2023 13:08 EEST
November 17 (SeeNews) - Romanian state-controlled hydropower producer Hidroelectrica [BSE:H2O] said its net profit jumped by an annual 42% to 5.184 billion lei ($1.131 million/1.043 billion euro) in the first nine months of 2023.
Hidroelectrica's revenue grew by 32% on the year to 9.555 billion lei in the nine months through September, the company said in a financial report filed with the Bucharest Stock Exchange, BVB, on Tuesday.
You can download the 2023 Renewable energy in Romania report here
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 35% year-on-year to 6.583 billion lei in January-September.
The company's performance in the first nine months of 2023 was positively influenced by favourable hydraulics compared to a drought-stricken first nine months of 2022. Consequently, gross electricity production jumped by 37% on the year to 14.489 TWh in January-September, of which hydropower accounted for 14.244 TWh after a 38% annual increase.
According to the latest report of Romania's energy regulator, ANRE, Hidroelectrica maintained its position as the foremost electricity supplier to final customers, with a market share of 16.03% at the end of July.
The hydropower producer is in the process of taking over a business unit of heavy machines maker UCM Resita through a transfer contract. Over 80% of the turbines, along with the generation and auxiliary equipment used by Hidroelectrica are produced by UCM Resita, so the acquisition will allow the buyer to integrate both the required machinery and a skilled team needed for modernisation and maintenance works.
Hidroelectrica had 3,554 employees at the end of September, with its workforce up by 3% since the end of the same period of 2022.
Between June 23 and July 4, investment fund Fondul Proprietatea carried out an initial public offering (IPO) of 19.94% of Hidroelectrica's shares which fetched 9.3 billion lei. Hidroelectrica's current market capitalisation stands at 53.75 billion lei, according to data from the Bucharest bourse.
Following the IPO, the Romanian state holds a majority stake of 80.06% in Hidroelectrica, while the rest is in free float on the Bucharest Stock Exchange. The company owns and operates 182 hydroelectric power plants with a cumulative installed capacity of 6.3 GW, five pumping stations, and a wind farm with a total installed capacity of 108 MW.
Hidroelectrica shares traded 0.25% lower at 119.2 lei as at 1130 CET on the BVB on Friday.
(1 euro=4.9704 lei)
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