Historical gross profit of RON 1.5 bn for Hidroelectrica in 2016

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Last year, Romanian state-controlled hydropower producer Hidroelectrica posted an estimated gross profit of RON 1.5 billion, record high level, and the highest profit announced so far by a Romanian company for 2016, Ovidiu Agliceru, General Manager, stated attending a press conference. The turnover is by almost RON 200 – 300 million more than the previous year, at a production of 17.2 TWh, up from 15.9 TWh in 2015.

In 2015, the company had a gross profit of RON 1.11 billion, according to data reported to the Ministry of Finance.

By comparison, the energy producer registered in 2012, the year in which first entered into insolvency, losses of RON 508 million.

Also, last year, Hidroelectrica recorded total revenues of RON 3.4 billion, up slightly from the 2015 level of RON 3.32 billion.

Agliceru announced that the company plans investments of EUR 1.1 billion in the next five years in retrofitting, upgrades and building new hydropower plants.

At the same time, he added that Hidroelectrica may be listed this year only if it solves the problem of unprofitable investments of EUR 2 billion.

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