Romania’s Hidroelectrica reports lower net profit, revenues for 2024
Electric services group Hidroelectrica, the largest company on the Bucharest Stock Exchange (BVB), reported a net profit of RON 4.1 billion in 2024, down 35%, and revenues of RON 9.1 billion, 25% lower than in 2023, according to financial data published on Wednesday, February 26.
Hidroelectrica said its results were influenced by the decline in electricity production, the amount of electricity sold, and the decrease in electricity sale prices, which implicitly led to a drop in energy sales revenues.
"The results obtained in 2024 reflect the expectations set in the approved budget for the year 2024, being slightly lower than expected due to hydrology below expectations. Electricity production decreased by 22%," states the report of the electricity producer.
The company's EBITDA decreased by 31% to 5.5 billion RON, and the operating margin was 59%, down 15%.
The energy produced and sold (net production) registered a decline of approximately 22% in 2024 compared to 2023. This decrease is a consequence of unfavorable hydrological conditions, particularly from April to September 2024, when the average flow of the Danube dropped by approximately 18% compared to the same period in 2023.
Total revenues from the wholesale market amounted to RON 3.8 billion, down 36%.
The balance of bank loans decreased by 31% to RON 208 million as of December 31, 2024, from RON 300 million on December 31, 2023. This decline is due to loan repayments totaling RON 92 million in 2024.
Hidroelectrica is valued by investors at RON 54.6 billion and is 80% controlled by the Romanian state through the Ministry of Energy. Its shares have declined by 0.33% since the beginning of the year, amid transactions totaling RON 88 million, according to BVB data. The company was listed in July 2023.
(Photo source: Hidroelectrica on Facebook)
