Hydropower delivers record profits and global growth
Energo-Pro profits from the production of electricity from water and made a gross profit of CZK 2.7 billion in the first quarter. This profit is expected to be three times higher for the full year. The company is benefiting from growing demand for green energy and expansion abroad. Czech entrepreneur Jaromír Tesar expects another successful year.
His company, Energo-Pro, increased profits by 60 percent in the first quarter and plans to earn up to eight billion crowns for the full year, a similar result to last year. The company made the announcement in a press release.
Energo-Pro has been operating for 30 years and is the largest domestic investor in the hydropower sector. It generates electricity at dams in Bulgaria, Turkey and Georgia. Last year, the company bought a cascade in Spain, is building another plant in Colombia and earlier this year announced plans to invest in Brazil. Parent company DK Holding operates two hydroelectric power plants on the Elbe River in the Czech Republic.
The carpenter is known for his desire for privacy and does not give interviews. However, his company regularly publishes detailed financial results because of bond issues. Fifty-one-year-old Carpenter is listed in the commercial register as the sole ultimate owner of the company. From January to March this year, the firm produced 1.2 terawatt hours of electricity worldwide, comparable to the annual output of the Vltava cascade from Lipno to Štěchovice. The results were positively impacted by newly purchased dams in Spain and Turkey and increased production in Georgia.
Gross profit (EBITDA) for the first quarter amounted to CZK 2.7 billion. After deducting interest and investment costs, the company was left with about half of the profit, most of which is earmarked for further acquisitions. The company is negotiating two projects in Brazil.
Energo-Pro’s total revenues in the first quarter reached nine billion crowns, almost all of which came from the hydropower sector. In Georgia, the company has one gas-fired power plant in addition to hydroelectric plants. In addition to electricity generation, it operates large distribution networks in Georgia and Bulgaria. With almost 100% of its production coming from water, Energo-Pro is one of the companies with the greenest profile in the country.
Photo source: ww.pexels.com
Author of this article
WAS THIS ARTICLE HELPFUL?
Support us to keep up the good work and to provide you even better content. Your donations will be used to help students get access to quality content for free and pay our contributors’ salaries, who work hard to create this website content! Thank you for all your support!
OR CONTINUE READING