Public Power Corporation (PPC), the largest energy company in Greece, in which the Greek state is the largest shareholder, with over 34% of the capital, and which is in the process of taking over the main operations in Romania of the Italians from Enel , reported a net profit of 181.5 million euros for the first half of the year. This after, in S1 2022, the company suffered losses of 11.1 million euros, according to News.ro.
Transmission lines for electricity Photo: Dreamstime.com
Profit before taxes rose, in the first six months of the year, to 270.6 million euros, compared to 1.9 million euros in H1 2022. This development comes as a result of the full sale of the stake held by PPC in the Metalignitiki subsidiary to the state Greek.
Recurring EBITDA amounted to 589.7 million euros, up by 160.4 million euros (37%) compared to the first half of last year. The total revenues of the PPC group fell by 18.5% in the first half of the year, from 4.392 to 3.581 billion euros.
At the same time, operating expenses before depreciation decreased by 24.5%, from 3.963 to 2.992 billion euros, mainly as a result of the decrease in the costs of wholesale purchases of gas and energy for supply to customers, against the background of the decrease in consumption and prices. On the other hand, in the second quarter of 2023, PPC’s net profit was 130.4 million euros, more than 25% lower than that of Q2 2022 (174.6 million euros).
PPC’s capital expenditure increased by 83% in January-June 2023, compared to the same period last year, from 244 to 448 million euros, and targeted investments in the electricity distribution network, in renewable energy production projects , as well as in the new 840 MW natural gas plant at Alexandropoulis. (photo: Dreamstime.com)
2023-08-04 21:54:00
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