Hidroelectrica reports net profit of 3.9 billion RON, up 46 percent in the first six months

In the first semester of 2023, Hidroelectrica reported revenues of 6.9 billion RON and a net profit of 3.9 billion RON, up 46 percent compared to the same period of last year. Also, earnings per share are up 46 percent, from 6.01 RON to 8.80 RON per share.

“We are having a very good year in terms of availability of water resources, which allowed us to produce 10.915 TWh, which means that we delivered 45 percent more electricity to the national energy system compared to the first half of 2022. ” Also, the company’s financial results reflect the impressive growth of the supply portfolio and – implicitly, the capitalization of an increasing percentage of production to the final customer” – said Bogdan Badea, President of Hidroelectrica Executive Board. “The results obtained urge us to continue our journey with even more motivation, with more transparency, with maximum responsibility towards the assumed objectives. We are determined to demonstrate that the trust we have been given by investors in the recently completed IPO, as well as by shareholders over time, is fully deserved.”

The company’s performance is achieved while maintaining an operating margin of 65 percent, in line with the same period of 2022. In terms of net profit margin, it stands at 57 percent, and it is up 3 percent compared to the first quarter of last year.

Hidroelectrica is the largest producer of green energy in Romania and the main provider of technological services needed in the National Energy System, being a vital company for a strategic sector, with implications for national security. The company operates 182 hydropower plants and five pumping stations, with a total installed hydropower capacity of 6.3 GW. To these are added the wind farm from Crucea, with an installed capacity of 108 MW.

Hidroelectrica was admitted to the Bucharest Stock Exchange, the first trading day of the company’s shares being July 12.