Eesti Energia's Q2 profits treble on-year
State-owned energy producer Eesti Energia's net profit totaled €33.3 million in the second quarter of 2022, almost treble the amount for the same period in 2021. Sales revenues also tripled.
The company's sales revenue was 72.8 percent higher reaching €416.6 million compared to April, May and June 2021.
The operating profit amounted to €79.8 million, an increase of 148.4 percent, and the adjusted net profit was €33.3 million, a rise of 278.1 percent.
Electricity sales on the domestic market increased by 19.8 percent on-year. More than half — 58 percent — of the electricity sold internationally went to Finland, Latvia, Lithuania and Poland. Sales to Latvia increased by 56.1 percent and all other countries increased by at least 10 percent.
The company said it paid €63.7 million in direct taxes to the state during the first six months of the year, which is almost double the amount in the same period in 2021.
The group paid €55.3 million in dividends, €8.3 million euros to Enefit Green minority shareholders and €46.7 million to the state.
Eesti Energia invested €98 million, the majority in renewable energy, the renewal of the electricity network and new network connections
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Editor: Helen Wright
