Alteo: Higher Revenues and Profits in H1 2023

Alteo Group achieved consolidated revenues of HUF 58.8 billion in the first half of this year, up 55% compared to the same period last year, while its profit after tax increased by 10% to HUF 8.8 billion in the same period, the energy services and trading company announced on the website of the Budapest Stock Exchange (BSE) on Monday.

The group's consolidated earnings before interest, tax, depreciation and amortization (EBITDA) for the first six months of the year rose by 8% to HUF 12.7 billion compared to the same period last year.

Alteo said in a statement sent to MTI that the result was mainly due to the performance of the Alteo Regulation Center, which manages heat and electricity production, and that this will be further boosted by the launch of the Renewable Regulation Center.

In the statement, Attila Chikán Jr, CEO of Alteo, also highlighted the strong performance of energy retailing as one of the factors that positively impacted the half-year figures. The company successfully implemented a portfolio pruning exercise, which resulted in a decrease in the volume of electricity sold, but also in a significant improvement in the profitability of the business thanks to a well-selected customer base.

Among the developments, a solar power plant under construction and investment by the company was highlighted, which will double the company's solar portfolio. The power plant is expected to start production in the second half of 2024 at the outskirts of Tereske in Nógrád county.

The acquisition of the biogas plant in Nagykőrös and the conclusion of a two-year contract between FE-GROUP Plc., majority-owned by Alteo, and MOHU Plc., the waste management concession holder, were also considered significant steps.

To sustain growth, the management of the energy company considers it necessary to make further investments.

Alteo Plc.'s shares are listed in the premium category of the Budapest Stock Exchange. The paper closed at HUF 3,010 last Friday, with a one-year high of HUF 3,440 and a low of HUF 2,550.