Hidroelectrica, the main electricity producer in Romania and one of the most profitable state-owned companies, reported in the first half of the year a net profit of 3.946 billion lei, up 46% compared to the same period last year. Revenues increased by 42% in the first six months, to 6.97 billion lei.

On August 16, the Hidroelectrica Directorate approved the operational and financial results of the company for the first six months of the current year.

“Thus, in the first semester of 2023, the company obtained revenues of 6.977 billion lei and a net profit of 3.95 billion lei, an increase of 46% compared to the same period last year. Also, the result per share is increasing by 46%, from 6.01 to 8.80 lei per share,” the company announces, according to News.ro.

Energy produced and sold (net level) increased by 45% (10,625 GWh) in the six-month period ended June 30, 2023 from 7,347 GWh in the previous similar period. This increase was mainly due to the high hydraulics recorded in the first semester of 2023, but also due to the basic effect as a result of the drought that characterized the first semester of 2022.

“We have a very good year from the perspective of the availability of water resources, which allowed us to produce 10,915 TWh, which means that we delivered 45% more electricity to the national energy system compared to the first half of 2022. Also , the company’s financial results reflect the impressive growth of the supply portfolio and – implicitly, the capitalization of a growing percentage of production to the final customer. The results obtained encourage us to continue our journey with even more motivation, with more transparency, with maximum responsibility towards the assumed objectives. We are determined to prove that the trust that was given to us by investors during the recently completed IPO, but also by the shareholders over time, is fully deserved,” said Bogdan Badea, president of the Hidroelectrica’s directorate.

The company has about 3,500 employees.

The company’s performance is achieved by maintaining an operating margin of 65%, in line with the similar period of 2022. As for the net profit margin, it stands at 57%, and is increasing – by 3 percent, compared to the first semester of last year.