State-owned power utility Elektroprivreda BiH reported a net profit of BAM 52.4 million (some EUR 26.8 million), up some 84 times compared to 2017, when it stood at BAM 620,282 (about EUR 317,000).
The company’s net profit in 2018 was also higher than in 2016, when it was at BAM 12.9 million (around EUR 6.6 million).
The profit before tax in 2018 reached BAM 61.4 million (about EUR 31.4 million), while the net profit was BAM 52.4 million (about EUR 26.8 million), which is a multiple increase compared to the projected profit of BAM 15.9 million (around EUR 8.1 million ), EPBiH said in a press release after the Supervisory Board adopted the EPBiH report for 2018.
Compared to 2017, the financial result is better by BAM 60 million (about EUR 30.7 million), with expenses being reduced by more than BAM 155 million (about EUR 79.2 million) compared to 2017. The company reported BAM 1.06 billion (EUR 541.9 million) in revenues.
EPBiH’s 2017 net profit plunged as hydropower plants (HPPs) underperformed by 31.6% due to drought.
According to EPBiH’s press release, the company generated 7,245 GWh of electricity in 2018, 3.4% more than in 2017. The power production increased due to favorable hydrological conditions in the first few months of the year.
This situation immediately reflected on the financial results of EPBiH, and in the first six months of last year, the company’s net profit increased to BAM 28 million (about EUR 15 million).
The share of HPPs in the total electricity production in 2018 stood at 22%, which was more than planned for 2018 and also more than realized in 2017, EPBiH said.
Last year, the company invested BAM 70 million (around EUR 35.8 million) in operations and the recapitalization of coal mines. In addition, EPBIH paid BAM 69.7 million (EUR 35.6 million) in dividends to shareholders out of retained earnings.
This payment was not planned due to poor results in 2017, but it was eventually carried out at the request of the majority owner, the Federation of BiH.