Hidroelectrica shareholders approve lower profit target for 2024
Hidroelectrica shareholders approve lower profit target for 2024
The shareholders of Hidroelectrica (BVB: H2O), the largest energy producer in Romania and the biggest company listed on the Bucharest Stock Exchange, approved in the general meeting on Friday, June 28, the rectified budget for the year 2024, according to an announcement published at BVB.
At the end of May, the company proposed a rectification of the budgeted figures for 2024, expecting a net profit of RON 4.15 billion, down 14.2% compared to the previously approved budget and 34.4% lower compared to last year's result.
"Correcting the Income and Expenditure Budget of S.P.E.E.H Hidroelectrica S.A. is imposed as a result of the recent, unforeseen, and significant influence of some legislative changes and external factors that affect the company's financial situation. This refers in particular to the adjustment of some economic-financial indicators which can only be exceeded by including the necessary amounts in the company's income and expenditure budget," noted Hidroelectrica in a report.
Hidroelectrica foresees for 2024 a rectified gross profit in the amount of RON 5 billion resulting from total revenues in the amount of RON 10.3 billion and total expenses of RON 5.3 billion. Thus, the expected revenues are 5.4% lower than those approved earlier this year and 15.6% lower than 2023.
(Photo source: Inquam Photos/Octav Ganea)