Electrica Group posted a net profit of 363.5 million RON last year, down 41.4% compared to 2023, according to the preliminary financial results submitted to the Bucharest Stock Exchange on Friday.
"Although the budget was built on a net profit decreasing by 57.3%, Electrica managed to hit a net profit at consolidated level of 363.5 million RON, decreasing by a smaller 41.4%. The 2024 result was mainly affected by the supply segment, as a result of the decrease in income from capping, due to the recent amendments to Emergency Ordinance 27/2022, as well as the decrease in the quantities of electricity supplied on the retail market by 2.6%. This negative impact was offset by the favorable performances reported by the distribution segment", the company informs.
The EBITDA value amounted to 1.56 billion RON, down 9.9% compared to 2023, a more moderate decline than initial estimates, given that the 2024 budget estimated a 13% decrease in EBITDA at the Group level.
The company's operating revenues stood at 10.97 billion RON, down 17.8% compared to the previous year, and operating expenses amounted to 10.21 billion RON, down 17.2%.
In the electricity distribution segment, revenues recorded an increase of approximately 261.7 million RON, respectively 5.9%, reaching 4.67 billion RON. This advance was mainly determined by the effect generated by the increase in distribution tariffs by 6.8% compared to the last adjusted tariffs starting with April 2023, as well as by the increase in distributed energy volumes by 4.2%.
"The Electrica Group ends 2024 with consolidated financial results above expectations, demonstrating the ability to navigate efficiently in a complex economic milieu. Net profit recorded an increase of 37.2% above the budgeted level. EBITDA was 3.5% above initial estimates, reflecting the operational efficiency and robustness of the business model. At the same time, the level of investments made at Group level exceeded 112.5% of the programmed value, reinforcing our commitment to the modernization and digitalization of the infrastructure," said Alexandru Chirita, CEO of Electrica, quoted in the press release.
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