Slovenia: GEN-I generates high net profit for all time

Slovenian energy group GEN-I sold a record 127.4 terawatt-hours of electricity last year to generate the highest net profit to date. At EUR 15.4 million, profit exceeded by 2019 the amount of 2019, despite the fact that revenues fell by 4% to EUR 2.1 billion.

The group, which operates in the trade, retail and purchasing of energy products, has been successful in all its divisions and has been improving its financial position further with capital growth, the company announced.

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 40% to EUR 32.07 million. Profit before tax increased by 6.4% to EUR 20.2 million.

The publication also notes that the group was keeping its financial debt low.

Speaking to the press, company chairman Robert Golob said GEN-I had managed to adapt well to the situation as it changed drastically due to the coronavirus, investing heavily in digitalisation in recent years.

During a highly volatile year in the financial and energy markets, the group boosted the electricity trade to sell 70% more electricity, accounting for nearly ten times Slovenia’s total consumption, Golob said.

They bought and sold most of their electricity in international markets throughout Central Europe. Despite declining revenues, the group remains the second most profitable company in Slovenia.

Golob said one of the main goals last year was to increase customer relations, so the decision to reduce the energy bills of more than 180,000 existing customers by 15% at a cost of EUR 2 million in the first wave of the epidemic.

GEN also installed 845 solar plants last year, a total of more than 21,000 so far. Golob expects field growth to continue. Of the 24 solar plants of medium and large size, 10 have already been installed.

The company completely removed fossil fuels from the electricity it supplies to Slovenia on January 1st, and customers were offered to decide for themselves which non-carbon source they wanted to get their electricity from.

Unless a large change in price is recorded, early signs indicate a preference for solar energy over the core for about 60% of consumers.

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