Electrica’s profit in 2016, down by almost 3 pc

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Electrica Group, one of the main players in the distribution and supply of electricity in Romania, registered last year a consolidated net profit of RON 469 million, representing a decrease of RON 13 million, or 2.8 percent, compared to the same period of last year, a press release informs.

At the same time, net revenues from the electricity supply segment decreased by 2.7 percent, because of the reduction in average sale price by 4.7 percent.

The Board of Directors of Electrica S.A. endorsed and submitted for the approval of the Ordinary General Meeting of Shareholders on April 27, 2017 the proposal to distribute a gross dividend of RON 0.7415/share for the financial year ended December 31, 2016. The total gross value of dividends is of RON 251.4 million, representing 100 percent from the distributable net profit established by the stand alone financial statements of Electrica SA (70.5 percent of the consolidated net profit of the Group attributable to Electrica S.A. shareholders).

Last year, the electricity supplier has recorded in 2016 an operating profit of RON 586 million, representing 3 percent increase compared to 2015, while the total revenues amounted RON 5,761 million, representing an increase of RON 47 million year-on-year.

“This increase is generated mainly by the gain on the deconsolidation of Societatea Servicii Energetice Moldova, resulting from the measures taken by the Group to restructure unprofitable activities,” the release reads.

During last year, Electrica Group distributed approximately 17.5 TWh (an increase with 2.6 percent compared to the same period of last year) to approximately 3.67 million users.

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