Romanian nuclear power producer ups net profit by 28% in 2020

Romanian state-controlled company Nuclearelectrica (SNN), which operates the Cernavoda nuclear power plant, reported a net profit of RON 685 mln (EUR 141 mln) in 2020, up by 27.8% compared to the previous year.

The company’s operating revenues increased by 3.4% to RON 2.5 bln (EUR 515 mln) as the quantity of electricity produced was 2% higher than in 2019.

“Although 2020 was a difficult year, the SNN team maintained its initial strategy for financial growth and continuing current and strategic investment projects, such as the refurbishment of Unit 1 and the Project of Units 3 and 4,” said Nuclearelectrica general manager Cosmin Ghita.

Nuclearelectrica ended the year with cash and bank deposits worth RON 2.17 bln (EUR 445 mln) up by 17% compared to the end of 2019.

In related news, Nuclearelectrica also announced on Thursday (February 25) the signing of three contracts with Slovenian energy trader GEN-I worth RON 301 mln (EUR 61.8 mln) for the delivery of electricity in 2022.

Nuclearelectrica has been one of the top-performing blue-chip companies on the Bucharest Stock Exchange (BVB) this year, with an advance of 28%. In the same period, the BET index gained 5%. Nuclearelectrica’s market capitalization is currently RON 6.9 bln (EUR 1.42 bln).

(Photo source: Nuclearelectrica.ro)