The company’s revenue reached RON3.2 billion in January-June 2021, up 78% from the same period in 2019.
Hidroelectrica, the largest electricity producer and the most valuable state-run company in Romania, reaches a historical valuation of RON30.2 billion, against the backdrop of record financial results in the first half of 2021, respectively a net profit of RON1.6 billion and a turnover of RON3.2 billion.
Fondul Proprietatea, which owns 20% of the share capital of Hidroelectrica, values its ownership stake in the company at RON6 billion, in the first half of 2021, higher by nearly RON500 million than in March 2021, per the half-year financial report released Tuesday (August 31). Based on the assessment carried out by Fondul Proprietatea, Hidroelectrica was valued at approximately RON30.2 billion in June 2021, compared with RON27.5 billion in March 2021. By comparison, energy company OMV Petrom, the most valuable company listed on the Bucharest Stock Exchange, has a stock market capitalization of nearly RON27 billion.
“According to Hidroelectrica management, during the first six months of 2021, the company reported a turnover of RON3,206.0 million, up 77.9% y.o.y, an EBITDA of RON2,442.3 million, up 95.6% y.o.y, an operating profit of RON2,108.7 million, up 119.1% y.o.y, a profit before tax of RON2,139.8 million, up 112.1% y.o.y and a net profit of RON1,687.4 million, up 109.5% y.o.y. Over the period, total electricity sold reached 10.48 TWh, up 33.2% y.o.y, out of which the electricity sold out of own production reached 10.11 TWh, up 45.9% y.o.y. The average realized electricity selling price was RON 283.4 / MWh up 41.1% y.o.y. As a result of the changes to the Romanian Water Law implemented during 2020, as well as higher electricity production volumes, over the first six months of the year Hidroelectrica SA registered total costs with the water used to produce electricity of RON 324.2 million, up from RON147.8 million during the similar period of the previous year. At the end of June 2021, the company’s cash position stood at RON 3.87 billion,” FP said in a stock market report.
The Romanian State, via the energy ministry, is the biggest shareholder of Hidroelectrica, holding 80% of its shares.