Energy services provider and trader Alteo Group achieved a net profit of HUF 12.9 billion in 2022, an increase of 120% compared to 2021, the company said on Friday.
Alteo has been successful despite the challenges in the energy market, turning difficulties to its advantage with a strategy based on sustainability and renewable energy, the statement said.
Consolidated EBITDA (earnings before interest, tax, depreciation and amortization) increased by 57% year-on-year to more than HUF 20 billion.
According to an investor presentation published on website of the Budapest Stock Exchange, revenue increased to more than HUF 103 billion from HUF 44.2 billion in the previous year, mainly due to rising energy and district heating prices.
The company attributes last year's growth primarily to the outstanding results of the regulatory center that manages heat and electricity production, but also to the good performance of the retail segment and renewable power plants.
They noted that the special tax imposed on the energy regulation business in the second half of last year reduced EBITDA by around 2 billion forints, but that performance improved in 2022.
According to the statement, Alteo will continue to develop the regulation center, which will include improving IT capabilities and expanding energy storage and generation capacity. The company could obtain all the permits for its EDELYN SOLAR solar power project, which it acquired last year and has a rated capacity of almost 20 megawatts, in the first half of the year.
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