March 3 (SeeNews) - Romanian majority state-owned hydro power producer Hidroelectrica’s net profit rose 32.7% year-on-year to 4.006 billion lei ($864.3 million/814 million euro) in 2022, minority stakeholder Fondul Proprietatea said.
Hidroelectrica’s revenues rose by 40.3% on the year in 2022, reaching 9.121 billion lei, Fondul Proprietatea said in an audited annual financial statement filed with the Bucharest Stock Exchange, BVB, earlier this week.
You can download the 2023 Renewable energy in Southeast Europe report here
Hidroelectrica’s operating profit rose by an annual 36.9% to 4.762 billion lei last year, while its earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 25.4%, reaching 5.854 billion lei.
The company sold 14.33 TWh of electricity in 2022, down by an annual 16.2%, of which 16.51 TWh was out of its own production, down by 19.7%. Despite the drop in sales volumes, the average realised electricity selling price soared by 65.1% to 560 lei per MWh, supporting the company’s profitability.
Hidroelectrica is 80.06% owned by the Romanian state, while Fondul Proprietatea holds a stake of 19.94%.
Fondul Proprietatea said that together with Hidroelectrica it continues to prepare for an initial public offering (IPO) for the hydro power producer in 2023. In its National Recovery and Resilience Plan (NRRP), the Romanian state committed to the listing of Hidroelectrica by the end of the first half of 2023.
(1 euro=4.9213 lei)
Join our free newsletter Energy in Southeast Europe to stay up to date with the latest in the sector.