Electrica Group ended the first quarter with a consolidated net profit of 80 million lei

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Electrica Group obtained, in the first quarter of 2020, a consolidated net profit of 80 million lei, registering an increase of 121 million lei, compared to the same period of the previous year, informs the company.

Consolidated EBITDA (profit before interest, taxes, depreciation and amortization) reached the value of 224 million lei, being higher by 150 million lei compared to the value of the first three months of last year.

“The increase in EBITDA was mainly generated by the supply segment, which registered an increase of 150 million lei compared to the level of Q1 2019, mainly due to lower costs of electricity acquisition, corroborated with the increase in revenues,” it is mentioned in a press release.

The revenues of the Electrica Group, in Q1 2020, amounted to 1.658 million lei, representing an increase of 4.7% compared to the same period of the previous year.

On the supply segment, revenues were higher by 5.4%, in the context of the increase of electricity sales prices on the retail market by 4%, and the increase of the quantity supplied by 2%, but also due to the increase of revenues from green certificates, the latter having a neutral impact on the supply margin, state the company’s representatives.

Regarding the distribution segment, revenues were 3.2% higher, mainly as a result of the increase in distribution tariffs, which offset the negative impact of reducing the amount of electricity distributed.

“The results recorded by the Electrica Group in the first three months of this year are above expectations in the existing situation. Starting with the end of the first quarter, we faced an unprecedented situation, but we managed to manage it well, reacting promptly and coping with unprecedented operational challenges.

“In this difficult period, of constraints and shortcomings, we tried to be close to the communities in which we operate, providing support to medical units on the front line for the purchase of equipment and sanitary materials vital in managing the COVID-19 crisis. Electrica proved during this period that it remains one of the pillars of the economy, a strategic Group, made up of solid companies both operationally and financially, with stable cash flow and potential to maintain the investments undertaken,” said Corina Popescu, the general manager of the group, according to Agerpres.

According to her, the increase of over 200% of EBITDA compared to the same period in 2019 is remarkable, and the increase of revenues and the decrease of expenses are already the effects of the implementation of the new strategy, of the transformation and efficiency processes at Group level.

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