Power utility EPBiH swings to EUR 15 million net profit in H1

Power utility Elektroprivreda BiH (EPBiH) reported a net profit of around BAM 28 million (some EUR 15 million) in the first half of 2018, after posting a loss of nearly BAM 23 million (about EUR 12.4 million) in H1 2017. The financial data is partly due to poor hydrological conditions and bad weather last year and favorable circumstances this year.

Elektroprivreda BiH (EPBiH), majority owned by the Federation of Bosnia and Herzegovina (FBiH), had operating revenues of nearly BAM 480 million (almost EUR 260 million) in January-June 2018, which was a decrease from BAM 568.2 million (about EUR 307 million) in the first half of 2017.

The operating revenues posted by the energy company, the largest by revenues in Bosnia and Herzegovina (BiH), were also down in the first half of 2018, amounting to approximately BAM 439.5 million (some EUR 237.7 million), compared to BAM 598.4 million (about EUR 323.7 million) in the same period a year earlier.

EPBiH’s shareholder assembly recently adopted a decision to pay BAM 69.7 million (around EUR 37.7 million) out of retained earnings, at the request of the majority owner, the FBiH, which received BAM 63 million (about EUR 34 million) in dividends.

Previously, the shareholders did not get dividends for 2017, when the energy company saw its net profit plunge to BAM 620,282 (approximately EUR 317,000), from BAM 12.9 million (around EUR 6.6 million) a year earlier.

EPBiH’s net profit plummeted in 2017 as its overall electricity production undershot the planned level by 8.9%, to 7,009 GWh, with hydropower plants underperforming by 31.6% due to drought, and coal-fired power plants beating the plan by 4%.

The power utility controlled by the Bosniak-Croat entity of Bosnia and Herzegovina was the top company by revenues in BiH in 2017, of BAM 1.114 billion (about EUR 570 million), according to reports.