Slovenia's GEN-I records 70 mln euro profit in 2021

Slovenian energy group GEN-I estimates that its profit for 2021 amounts to 70 million euro ($79.3 million) and return on capital has reached record-high 50.7%, the company said on Monday.

GEN-I increased its business volume by more than 30% and concluded 200 TWh of trade agreements, which increased operating revenues to 3.4 billion euro, it said in a statement.

"2021 was our most successful business year to date. In the face of extreme conditions in the energy markets, which have forced many suppliers to raise prices or even abandon their activities, GEN-I has strengthened its value - for our owners by four times the net profit plan, for customers with frozen prices, for employees with development and bonuses and for financial institutions with the best financial results in the history of the company," president Robert Golob said.

In 2020, GEN-I recorded a consolidated net profit of 15.4 million euro, up from 15.3 million euro in the previous year. GEN-I is a 50/50 joint venture company of Slovenian state-owned energy group GEN Energija and its affiliate investment firm GEN-EL Nalozbe.

The group comprises GEN-I d.o.o. and its 14 subsidiaries based in Austria, Italy, Bulgaria, Serbia, Bosnia, Croatia, Macedonia, Kosovo, Albania, Greece, Turkey, Ukraine, Georgia and Slovenia.

($ = 0.8454 euro)

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