Romanian state-controlled power grid operator Transelectrica (TEL) managed to increase its net profit by 18% in 2020 compared to 2019, to RON 113.7 mln (EUR 23.4 mln), despite a slight decline in revenues.

The total revenues were RON 2.37 bln (EUR 488 mln), down 1.25% year-on-year.

The operating profit went up by 45% last year, to RON 169 mln (EUR 34.8 mln), as the transmission services and technological system services generated higher gross margins.

The company’s personnel expenses also went up by 41% in 2020, to RON 296 mln (EUR 61 mln).

Transelectrica is one of the blue-chip companies on the Bucharest Stock Exchange that pay dividends every year as the state-owned companies are required to distribute at least 50% (sometimes over 80%) of their net profits to their shareholders.

The Transelectrica shares are up 37% in the last 12 months and 10% since the beginning of this year.

(Photo: Pexels)

andrei@romania-insider.com