Electricity

EPHZHB’s net profit for 2019 lands nearly seven times lower year over year

EPHZHB-profit-2019

Photo: Pixabay

Published

April 23, 2020

Comments

comments icon

0

Share

Published:

April 23, 2020

Comments:

comments icon

0

Share

Net profit of public power utility Elektroprivreda Hrvatske Zajednice Herceg Bosne (EPHZHB) dropped 85.1% last year against 2018, to BAM 2.47 million (EUR 1.26 million), according to the official results.

The company’s net profit in 2018 was BAM 16.6 million (EUR 8.49 million) or almost seven times higher.

Even though revenues strengthened and costs fell fall, earnings have plunged

EPHZHB’s operating revenues in 2019 jumped to about BAM 465 million (EUR 237.7 million), from some BAM 442 million (EUR 226 million) in 2018, while operating expenses fell from BAM 416 million (EUR 212.7 million) to BAM 412 million (EUR 210.6 million).

The annual report for 2019, posted on the company’s website, doesn’t include an explanation for the last year’s profit drop.

At the beginning of October, EPHZHB revised its annual business plan, and one of the main reasons it cited at the time was the termination of electricity supply to the Mostar-based aluminum producer Aluminij in mid-June.

The company stopped supplying power to Mostar-based aluminum producer Aluminij in mid-June

EPHZHB said at the time that the revision lowered expected operational revenues by 6.8%. The setback with regard to the aluminum producer also pushed the operational revenue outlook BAM 85 million (EUR 43.4 million) lower.

The event also impacted the expected operational expenses by 10.9% and the planned purchase of electricity by 32.6%.

In March last year, EPHZHB signed an agreement with power utility Elektroprivreda Republike Srpske (ERS) under which PHE Čapljina, which is operated by EPHZHB, should deliver half of its 2019 output to ERS. The two sides later agreed to continue the cooperation into 2020.

Tags: , ,
Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

montenegro loan epcg pljevlja electricity import

Montenegro’s EPCG to take out EUR 50 million loan

07 July 2025 - Elektroprivreda Crne Gore will take out a loan of EUR 50 million to purchase electricity to supply consumers in the country.

Bulgaria TPP Maritsa East 2 coal plant posts EUR 52 million loss 2024

Bulgaria’s TPP Maritsa East 2 coal plant posts EUR 52 million loss for 2024

07 July 2025 - Even with a quota for the regulated electricity market in Bulgaria, low electricity prices pushed TPP Maritsa East 2 into a loss last year

Heatwave strains European grid profit energy storage operators

Heatwave strains European grid, brings profit to energy storage operators

07 July 2025 - Record PV production, backed by energy storage, helped maintain electricity system stability in Europe in the latest heatwave, Ember said

Montenegro determines quota maximum price for solar power auction

Montenegro determines quota, maximum price for solar power auction

06 July 2025 - The participants in the forthcoming auction for solar power projects in Montenegro will bid for state support for a total of 250 MW