RO state nuke company’s profit goes up 31% on higher electricity prices

State-controlled nuclear power producer Nuclearelectrica (SNN), which operates Romania’s sole nuclear plant - Cernavoda, reported its net profit rose by 31.7% last year, to RON 541 million (EUR 124 mln).

The company’s total revenues amounted to RON 2.37 bln (EUR 500 mln), an increase of 11.7% compared 2018.

The revenues from the sale of electricity increased by 9.2% to RON 2.36 bln and the operating profit amounted to RON 637 mln, up 18.6%.

The company generated 1% less electricity in 2019 than in 2018, according to data from the statistics office INS, meaning that the higher profit and higher revenues were mainly the result of increased average prices.

Lower financial costs also contributed to the higher bottom line.

The Romanian state holds an 82.5% majority stake in Nuclearelectrica.

Romania’s biggest investment fund, Fondul Proprietatea, holds about 7.1% of the company’s shares and the remaining 10.5% of the shares are held by smaller shareholders.

Nuclearelectrica’s shares have gained over 60% in the last 12 months and the company’s market capitalization hit the EUR 1 billion threshold recently.

(Photo: nuclearelectrica.ro)