March 14 (SeeNews) - Slovenian energy group GEN-I has recorded a net profit of 24.9 million euro ($27.2 million) for 2023, down from 29.8 million euro in the previous year, according to unaudited data, the company said.
"GEN-I Group generated 2.9 billion euro in revenue in 2023, a 29% drop compared to the previous year. The main reason is the lower prices of energy products and lower volume of trading caused by the temporary regulatory restrictions on the wholesale energy markets," the company said in a statement on Wednesday.
The company recorded earnings before interest, taxes, depreciation and amortisation (EBITDA) of 37.9 million euro in 2023, down from 53 million euro in 2022, GEN-I said.
"With the simultaneous increase of the group's capital at the expense of the generated net profit for the accounting period, the capital structure of the GEN-I Group was even more robust at the end of the year. Favourable financial indicators made it easier for GEN-I to meet all the expectations of the capital market," it added.
In April 2023, GEN-I listed 12-month commercial papers worth 50 million euro on the Ljubljana Stock Exchange. The papers, maturing on April 8, 2024, bear a yield to maturity of 4.738%
($ = 0.91407 euro)
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