June 15, 2024
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HomeUncategorizedEPS doubles its profit in Q1

EPS doubles its profit in Q1

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The Board of Directors of Elektroprivreda Srbije (EPS) Joint Stock Company adopted the Report on the three-year business plan implementation for the first quarter of 2024, revealing that the company’s profit reached 28.3 billion dinars. This figure is twice as high as projected, EPS announced today.

The profit marks a five percent increase compared to 2023. Dubravka Đedović Handanović, Minister of Mining and Energy of Serbia and the representative of the founders in the EPS Assembly, highlighted the stable results achieved in energy and coal production during the first quarter, aligning with the plan. Overburden production saw an 11 percent increase compared to 2023.

“In RB ‘Kolubara,’ progress in overburden production is nine percent higher than in 2023. Additionally, the discovered coal reserves in this sector of EPS exceed the planned amount, laying the groundwork for increased coal production,” said Đedović Handanović.

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She stressed the importance of accelerating investment efforts to enhance efficiency and realistic planning. Current investment realization levels are deemed unsatisfactory and must be improved.

EPS reported stable revenues in the first quarter, with a profit of 44 million euros generated from electricity trading on the free market.

Energy production during the period met plan targets, with hydroelectric power plants accounting for 36.9 percent, thermal power plants for 60.6 percent, and Pannonian TE-TO for 2.5 percent of the production structure.

Looking ahead, Đedović Handanović acknowledged the challenges facing EPS, including anticipated lower revenues due to reduced electricity prices for the economy, lower hydrology levels expected during summer, and ongoing maintenance work, which poses risks to business results.

She emphasized the necessity of cost reduction through the restructuring plan to enhance efficiency and productivity.

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