Romania's state-controlled hydropower group Hidroelectrica (BVB: H2O), in a Q1 operational update published on April 29, announced that its gross electricity output plunged by 38% y/y to 2.735 GWh in the first three months of the year.

The note was published after the trading session, where the company's shares rose by 1.25%. 

On the same day, Hidroelectrica confirmed the distribution of dividends in the amount of over RON 4 billion (EUR 800 million) out of a net profit of RON 4.12 billion achieved last year. The dividend results in a gross yield of 7.4% for the price of the company's shares at the end of April 29. The date of June 3, 2025, is the Ex Date, and June 25, 2025, is the Dividend Payment Date for the financial year 2024.

The company will publish its Q1 financial report on May 14.

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Net electricity production fell by 38% y/y in Q1, to 2,656 GWh, while total electricity sold fell by 36% to 2,843 GWh, Hidroelectrica said in its quarterly operational update. Purchases increased by 10% to 196 GWh. 

"The report contains estimates regarding the Group's results, which reflect the Company's current knowledge and are accompanied by risks and uncertainties that may lead to differences between the final results and those included in this report, therefore they do not represent a guarantee of the company's performance and should be viewed with caution," the report reads.

The state-owned company's net profit plunged by 35% y/y to RON 4.1 billion in 2024, driven by 25% y/y lower revenues (RON 9.1 billion) explained by 22% y/y lower gross electricity output. 

The company's market capitalization neared RON 55 billion (EUR 11 billion) on April 29 after the price of its shares decreased by 9.4% y/y.

iulian@romania-insider.com

(Photo source: Facebook/Hidroelectrica)