PGE had PLN 2 266 million net profit, PLN 2 704 million EBIT profit in the second quarter of 2022.

The Polish Energy Group (PSE) recorded PLN 2,266 million of consolidated net profit allocated to shareholders of the parent company in the second quarter of 2022 against PLN 1,882 million of profit the year before, the company stated in the report. The net profit in this account without write-downs amounted to PLN 2,272 million respectively compared to PLN 1,902 million in profit the year before.

"The net profit of the shareholders of the parent company in the second quarter of 2022 amounted to PLN 2.3 billion as compared to PLN 1.9 billion in the second quarter of 2021, and it also covers the non-cash impact of changing the estimates of the remediation reserve" - we read in a report on the results.

Operating profit amounted to PLN 2,704 million compared to PLN 1,994 million in profit the year before. EBIT's recurring profit amounted to PLN 550 million, respectively, compared to PLN 1,055 million a year earlier.

EBITDA profit amounted to PLN 3,777 million compared to PLN 3,048 million in profit the year before. The return of EBITDA was PLN 1,616 million, respectively, compared to PLN 2,084 million in profit the year before.

"At the level of the reported EBITDA, the PGE Group recorded around PLN 3.8 billion in the second quarter of 2022, the main influence of which was the change in the remediation reserve estimates, as a result of rising market interest rates, which are the basis for calculating the reserve. The non-cash event supported the result reported about PLN 2.2 billion, while in the second quarter of the year 2021 the analogous event also supported the results by about PLN 0.9 billion" - we read further.

The loss on the repetitive EBITDA of the Conventional Energy segment amounted to PLN 44 million while in the second quarter of 2021 the profit was PLN 601 million. The significant decrease in the result was mainly affected by rising costs of coal and CO2 allowances, which were not compensated by revenues from the sale of electricity, indicated the company.

"The results of the heat industry segment are under strong pressure from rising costs of CO2 and natural gas allowances which have not been compensated by the increase in network heat prices. As a result, the loss on the recurring EBITDA result of the segment developed at the level of PLN 154 million, with PLN 198 million in profit recorded in the second quarter of 2021" - the release further states.

In view of the higher market prices recorded and the increased operation of peak and pump power plants, the recurring EBITDA of the Renewable Energy Sector increased significantly, which amounted to PLN 340 million in the second quarter of 2022 compared to PLN 189 million in the second quarter of the previous year, as well.

‘The lower volume of distributed electricity resulted in the decrease in EBITDA of the Distribution segment. In the second quarter of 2022 the recurring EBITDA result amounted to PLN 681 million, compared to PLN 716 million in the second quarter of the past year" – the information states.

Repeated EBITDA of the Turnover segment amounted to PLN 558 million in the second quarter of 2022 with PLN 342 million in a comparable period of 2021. The improvement in the result was most affected by the increase in revenues from the provision of services within the PGE group.

Established in 2021, the segment of the Obieg Obieg Closed Economy achieved a recurring EBITDA profit of PLN 14 million in the second quarter of 2022, with PLN 15 million in the second quarter of 2021, was summarised.

Consolidated sales revenue reached PLN 15,728 million in the second quarter of 2022 compared to PLN 10,008 million the year before.

In the first half of 2022 the company had PLN 3,288 million of consolidated net profit allocated to shareholders of the parent company compared to PLN 2,690 million of profit the year before, with sales revenue of PLN 32,625 million compared to PLN 21,950 million the year before. The net profit in this account without write-downs amounted to PLN 399 million, respectively, compared to PLN 2,746 million in profit the year before.

EBITDA profit in the first half of this year amounted to PLN 6,392 million versus PLN 5,254 million in profit the year before. The return of EBITDA amounted to PLN 4 212 million, respectively, compared to PLN 4 290 million a year earlier.

"The economic level of net financial debt (including future payments and settlements for CO2 allowances) amounted to approximately PLN 9.8 billion and decreased by PLN 2 billion compared to the first quarter of 2022. The adjusted net debt ratio in relation to EBITDA (net economic debt/LTM EBITDA) was 0.92x, decreasing compared to the first quarter of 2022 (1.38x)" - the Communication also states.

The net profit in the first half of 2022 was PLN 2,278 million compared to PLN 1,601 million in profit the year before.

Source: ISBnews