Romania's Hidroelectrica boosts prelim net profit 42% in 2023

Hidroelectrica's total revenue rose by 30% on the year in 2023, reaching 12.244 billion lei, the company said in an unaudited financial report filed with the Bucharest Stock Exchange, BVB.

The hydropower producer's operating profit grew by 38% year-on-year to 7.161 billion lei in 2023, while its earnings before interest, taxes, depreciation, and amortisation (EBITDA) climbed to 7.977 billion lei, a 33% increase over 2022.

"This increase was mainly due to the improvement of hydrological conditions in 2023 compared to 2022, the quantity of energy produced in 2023 being above the multiannual average," the company said.

Net electricity production jumped by an annual 30% to 17.6 TWh in 2023, of which the output from hydro accounted for 17.3 TWh after a 31% increase. Electricity production from wind totalled 334 GWh last year, up 12% on 2022. As a result, total electricity sales increased by 33% on the year to 19.3 TWh.

Hidroelectrica's earnings per share grew by 42% in annual terms to 14.11 lei per share, following the company's successful IPO and listing on the BVB last year.

The Romanian state holds an 80.06% stake in Hidroelectrica, while the remainder is in free float on the BVB, according to bourse data.

Hidroelectrica's shares traded 0.97% higher at 125.2 lei as of 1004 CET on February 27 on the Bucharest bourse.

(1 euro=4.9731 lei)