Alteo's Revenue and Profit Up Significantly

Alteo Group, active in the energy sector, achieved consolidated revenues of HUF 62.7 billion in the first three quarters of this year, up 116 % compared to the same period last year, while its profit after tax increased by 128 % to HUF 11.2 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 nine months of the year rose 68 % to 16.3 billion forints compared to the same period last year.

According to the information, revenue increased significantly mainly due to higher energy prices, but this was complemented by the growing capacity revenue of the Alteo Regulation Center and dynamic revenue growth in the retail segment.

The increase in EBITDA was mainly driven by the outstanding performance of the Control Center, which manages heat and power generation, the record performance of the Retail segment and the solid and good performance of the company's renewable power plants.

The company indicated that the [Russian] war [in Ukraine] had had a significant impact on the energy market, but that Alteo's performance had not been undermined by the shocks to the energy market caused by the war, but rather had strengthened the foundations of a strategy based on sustainability and the expansion of renewable energy production.

The outstanding earnings growth in the last period confirms the success and effectiveness of the strategy presented at the end of 2019 and updated in early 2022, and its implementation," Alteo stressed.