February 27 (SeeNews) - Romanian power grid operator Transelectrica [BSE:TEL] said on Monday that its net profit rose to 529 million lei ($113.4 million/107.4 million euro) last year, from just 450,000 lei in 2021.
The company's total revenues rose 77% on the year to 2.31 billion lei in 2022, Transelectrica said in a preliminary financial financial report with the Bucharest Stock Exchange (BVB).
The company's improved financials were driven by the transport revenues and the obtaining of higher revenues from the allocation of interconnection capacity, given the existing energy deficit existing in the European Union.
The grid operator's operational revenues rose by an annual 67% to 6.28 billion lei, while total operating expenses rose 51% on the year, to 5.66 billion lei.
Transelectrica's earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 237% on the year to 871 million lei.
The company registered decreases in electricity consumption in all twelve months of 2022. Cross-border exports rose by an annual 51%, while cross-border imports increased 16%.
Transelectrica's investments in tangible and intangible assets totalled 468 million lei in 2022, down 5% year-on-year, while investments in fixed assets rose 13% on the year to 289.4 million lei.
Blue-chip Transelectrica's shares traded 2.92% higher at 24.7 lei as at 1108 CET on Monday on the BVB.
(1 euro=4.92001 lei)
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