The main reason is a 20% decrease in electricity sales, caused by Russia’s massive attack on energy businesses and a reduction in demand.
DTEK Energy’s revenue in the first half of 2023 decreased by 6.5% compared to the same period last year to UAH 29.9 billion. This was stated in the company’s financial statements published on the London Stock Exchange on Monday, September 11.
The company noted that the main reason for this was a 20% decrease in electricity sales, which was caused by the massive Russian attack on the company’s energy businesses and a reduction in demand. At the same time, due to a reduction in exports, the share of sales in the domestic market increased to 99% compared to 86% in the first half of 2022.
According to the report, DTEK Energy’s net profit in the first half of 2023 reached UAH 6.23 billion against a net loss of UAH 1.41 billion for the same period last year. The company attributes this to a slight increase in total revenue (up to UAH 9.66 billion from UAH 7.94 billion), savings from the redemption of Eurobonds in previous periods, as well as the absence of costs from price differences of exchange on international obligations to investors, which in January -June 2022 amounted to UAH 3.34 billion.
Income tax in the first half of 2023 increased to UAH 2.05 billion compared to UAH 0.05 billion for the same period last year.
The company’s free cash flow at the end of June reached UAH 2.83 billion, compared to UAH 2.01 billion at the beginning of the year and UAH 2.763 billion by mid-2022.
During the reporting period, DTEK Energy’s capital investments in thermal power plants and mines increased 2.4 times – to UAH 4.04 billion. The company noted that most of the resources to cover capital costs are allocated from the revenues received in the first half of the year.
In total, in January-June 2023, the company repaired 7 power units of thermal power plants (13 to September 7). In total, by the end of this year it is planned to repair 27 power units, the company indicated.
In addition, in January-June, DTEK Energy commissioned 14 new coal faces. By the end of the year, it is planned to increase the coal longwalls to 27, which should allow maintaining the rate of coal production necessary for the sustainable operation of Ukrainian thermal power plants.
DTEK Energy recalled that since the beginning of the full-scale invasion, its thermal power plants have been attacked by Russia more than 40 times.
Earlier, DTEK said that the company plans capital expenditures for the repair of thermal power plants and preparation of coal faces in 2023 at the level of UAH 11 billion.
DTEK announced the consolidation of efforts in the energy industry for the winter
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.