Ukrainian DTEK Renewables' net income up by 7.1-fold in H1 2024
MOSCOW. Oct 7 (Interfax) - Ukrainian holding DTEK Renewables B.V. posted net consolidated income of UAH 1.397 billion in January-June 2024, a 7.1-fold increase from the UAH 179 million figure reported in the first half of 2023.
The company's consolidated proceeds increased 67.9% to UAH 3.001 billion, while its gross revenue stood at UAH 2.867 billion versus UAH 1.220 billion in the first half of 2023, Ukrainian media said, citing DTEK Renewables' consolidated statements.
The company's total assets stood at UAH 27.77 billion in late June 2024, up from UAH 25.48 billion at the beginning of the year, while its total equity grew from UAH 1.99 billion to UAF 3.38 billion, according to the report.
DTEK Renewables said in the report that the increase in its profitability was due to a hike in maximum ceiling prices by the Ukrainian regulator.
"The increase in maximum ceiling prices will result in a growth of electricity prices, a development that will positively impact not only DTEK Tiligulskaya Wind Power Plant [WPP] LLC, which is selling electricity at market prices, but also the liquidity of the Guaranteed Buyer state-owned company. This, in turn, will raise the level of settlements between Guaranteed Buyer and renewable energy producers," it said.
In particular, after the price ceiling was raised in 2024, the base day-ahead price for electricity on Ukraine's market in May and June was higher than electricity prices in neighboring European countries, it said.
According to the document, consolidated proceeds from WPPs grew to UAH 677 million in January-June 2024 from UAH 354 million in the first half of 2023, and consolidated proceeds from solar power plants rose to UAH 2.282 billion from UAH 1.408 billion.
The holding's net current liabilities totaled UAH 13.17 billion on June 30, 2024 versus UAG 14.75 billion at the beginning of the year, while its operating income increased to UAH 2.16 billion in January-June 2024 from UAH 1.39 billion in the first half of 2023.
DTEK Renewables faced a default and breached certain financial and non-financial terms of its bank and non-bank loans, the principal and accrued interest on which stood at 212 million euros in mid-2024 versus 222 million euros at the beginning of the year, it said.
"The group continues negotiations with bank creditors on securing a solution to servicing the debt related to wind power plants. The management expects to reach a compromise during talks with the creditors," the statement said.
As previously reported, DTEK Renewables' net losses stood at UAH 0.547 billion in 2023, which was 29 times lower than in 2022 (UAH 15.841 billion), while its proceeds rose 26.5% to UAH 3.728 billion.