TGC-1 increased RAS net profit by 36.7% for 9M 2019
TGC-1 published its 9 months 2019 financial statements under the Russian Accounting Standards (RAS).
Statement of financial performance (mln RUB) | 9M 2018 | 9M 2019 |
|---|---|---|
Revenue | 60,171.1 | 62,916.8 |
Costs | (53,875.0) | (56,074.0) |
Gross profit | 6,296.1 | 6,842.8 |
EBITDA* | 12,974.3 | 14,961.9 |
Net profit | 5,350.5 | 7,313.4 |
* EBITDA = profit before taxation – interest receivable + interest payable – revenue from participation in other companies + depreciation & amortization.
The Company's revenue totalled RUB 62 billion 916.8 million, which is 4.6 % higher than for the same period in 2018 - due to the growth of electricity sales volume at the day-ahead market as well as CDA sales.
Production costs increased by 4.1 % to RUB 56 billion 074.0 million mostly due to the increase of fuel expenses by 6.2 %.
TGC-1's gross profit amounted to RUB 6 billion 842.8 million (an increase of 8.7 %).
EBITDA grew by 15.3 % and reached RUB 14 billion 961.9 million.
Net profit amounted to RUB 7 billion 313.4 million, which is 36.7 % higher than for the same period of last year.
To find out more about the financial performance of TGC-1 for the 9 month of 2019, please visit the Reports section at the corporate website.
About
TGC-1 (part of the Gazprom Energoholding Group) is a leading producer and supplier of electricity and heat in the North-West of Russia. TGC-1 comprises 53 power plants within four constituent entities of the Russian Federation: St. Petersburg, the Republic of Karelia, and Leningrad and Murmansk Oblasts.
TGC-1 installed electric capacity of the Company’s stations amounts to 6.95 GW and heating capacity of 13.75 thous. Gcal/hr. Major shareholders are Gazprom Energoholding LLC (51.79%) and Fortum Power and Heat Oy (29.45%).