RusHydro’s net profit for 2022 fell by more than half
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The net profit of PJSC RusHydro under IFRS at the end of 2022 amounted to 19.325 billion rubles, reported press office companies. Over the year, the indicator fell by 54.1% (42.078 billion rubles for 2021). According to Kommersant, the state holding asked to allocate 93 billion rubles from the budget. to cover the “accumulated financial debt” due to rising fuel prices, primarily coal, and understated energy tariffs.
The total revenue of the group at the end of the year, taking into account state subsidies, amounted to 468.5 billion rubles. (growth by 1.8% over the reporting period). EBITDA for 2022 is RUB 91.6 billion. For the year, its decline was 25%.
“The decrease in net profit and EBITDA for 2022 was mainly due to a significant increase in fuel costs for the segment of energy companies in the Far Eastern Federal District,” the company emphasized.
Additionally, RusHydro noted that the book value of assets by December 31, 2022 increased by 6.8% compared to the beginning of the year, to 993.4 billion rubles. The group’s net debt to EBITDA ratio was 2.2x at the end of the reporting period.
RusHydro is a Russian energy company, the owner of most of the country’s hydroelectric power plants.
The problem of losses of TPP “RusHydro” in the Far East has reached the President of the Russian Federation Vladimir Putin. Mr. Putin allowed the possibility of a subsidy requested by the company, but instructed the government to think about a mechanism for regulating the supply of coal for export, following the example of the fertilizer market.
More about this – in the publication “Kommersant” “Give coal a ruble”.
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