Utilitas significantly increased its turnover and profit last year

The sales revenue of the Utilitas energy group rose from €159.9 million to €255.8 million last year. The group's net profit increased by 41 percent to €39.9 million.

The company earned 94 percent of its revenue from the production and sale of heat and electricity. The rest came from renewable energy subsidies and other sales revenue.

In its annual report, Utilitas stated, that Russia's war in Ukraine has caused fuel supply disruptions and excessive price volatility. However, the company responded quickly to the energy crisis.

2022 was also warmer on average than 2021, which is why the company produced 4.5 percent less heat and electricity, at a total volume of 2.2 terawatt-hours. 68 percent of this was renewable energy, which is three percentage points more than the year before.

Last year, Utilitas along with its subsidiaries invested €77 million, which was €100 million euros less than in 2021. Added to this was a €50 million investment in the joint venture Utilitas Wind.

The company employed an average of 279 people throughout last year, which was 18 more than the year before.

Utilitas paid out €5million in dividends for the year, which was the same amount as the year before.

The Utilitas group includes district heating and electricity producer Utilitas Tallinn, district heating company Utilitas Eesti, heat and electricity producer Utilitas Tallinna Elektrijaam and developer of the Saarde and Aseri wind farms Tuulepealne Maa. Utilitas also has a 50 percent stake in Utilitas Wind and a 20.4 percent stake in Tallinna Vesi.

The sales revenue of Utilitas Eesti, a district heating service company belonging to the group, increased from €10.7 million to €13.3 million last year. However, the company's net profit for the year fell, from €2.3 million to €1.1 million.

Utilitas Tallinn's sales revenue increased from €117.5 million to €192.1 million euros during the year. The company's profits were up from €4.1 million to €9.7 million.

Utilitas provides district heating services in Tallinn, Valga, Jõgeva, Haapsalu, Kärdla, Keila, Maardu and Rapla.

Utilitas is owned by holding company FS Core Utilities SARL, 85 percent of which is owned by the European Diversified Infrastructure Fund II (EDIF II) and 15 percent by companies of Utilitas management board members.


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Editor: Michael Cole

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