PannErgy Heat Sales Up 5.6% Year-on-Year

PannErgy Plc. sold a record 599,490 gigajoules of heat in the fourth quarter of 2021, 5.6% more than a year earlier, the company told the state news agency MTI this Friday. 

The production report noted, however, that fourth-quarter heat sales were about 3.4% below the quarterly target, mainly due to the Miskolc outage that occurred between November 2-11.

Last year, the company sold 1.69 million gigajoules of heat for the full year, compared to 1.601 million gigajoules in 2020.

As a result, PannErgy Plc. has confirmed the expected achievement of its previously published consolidated EBITDA target for the 2021 financial year of HUF 2,800-2,880 million.

In addition, the company's management has confirmed its preliminary consolidated EBITDA plan for FY 2022 of HUF 3,000-3,100 million under International Financial Reporting Standards (IFRS), an increase of around 7% compared to 2021. The increase is mainly the result of investments in capacity expansion and efficiency improvements implemented and underway.

PannErgy achieved consolidated revenue of HUF 5.922 billion in 2020, up from HUF 5.648 billion in the previous year. Consolidated net profit was HUF 236.7 million, compared to a profit of HUF 734.9 million in the previous year.