Romanian state-owned power producer Hidroelectrica recorded a gross profit of RON 1.13 billion (EUR 251 million) in the first nine months of this year, up 29% over the same period last year.

The turnover amounted to EUR 533 million during this period. This year, the company has strengthened its status as the most profitable state company.

In the first nine months, Hidroelectrica produced 13.28 TWh of energy, up from 12.49 TWh in the same period of 2015. The company produced electricity in 207 hydro power plants in operation, with an installed power of 6,432 MW.

The pre-tax profit amounted to almost 47% of the turnover at the end of the third quarter whereas the net profit represented 27% of the turnover, according to Hidroelectrica.

The company went through judicial reorganization between June 2012 and June 2016, in two different stages. In June 2016, the company managed to exit insolvency. The Energy Ministry, which holds 80% of the company’s shares, is now looking to select the new board members. Hidroelectrica will also carry out an initial public offering (IPO), most likely next year.

editor@romania-insider.com