MOSCOW, March 20. /TASS/. The net profit of En+ Group’s energy segment under the International Financial Reporting Standards (IFRS) surged by 55.8% in 2024, reaching $553 mln, according to the company’s statement.
The adjusted EBITDA of the group’s energy business rose by 11.9% to $1.446 bln, while the adjusted EBITDA margin improved by 1.5 percentage points to 37.5%. Revenue from electricity sales in 2024 grew by 14.9%, amounting to $1.975 bln.
Capital expenditures in the energy segment totaled $519 mln in 2024, reflecting a 31.7% increase. The company attributed this rise to the launch of a program aimed at constructing new generating capacities to address the energy deficit in southeastern Siberia.
The energy segment’s total revenue for the reporting period expanded by 7.4% to $3.853 bln. The company noted that this growth was driven by an increase in electricity prices and a 6.5% rise in total electricity generation to 90.7 bln kWh. Revenue from capacity sales climbed by 6.3% to $603 mln, reflecting a higher competitive capacity take-off price.
The net profit of the Group surged by 88.3% to $1.348 bln, while capital expenditures rose by 29.7% to $1.878 bln. Revenue for the reporting period remained consistent with 2023 levels, standing at $14.649 bln.
En+ Group’s working capital increased by 27.8% to $4.366 bln. The company allocated investments in the energy segment toward the construction of new generating facilities to mitigate the energy deficit in southeastern Siberia, as well as modernization programs for existing infrastructure, according to the report.
At the same time, En+ Group’s total electricity generation in 2024 amounted to 90.7 bln kWh, reflecting a 6.5% increase. The group’s total hydroelectric power generation in 2024 rose by 7.1% to 73.7 bln kWh. The company clarified that this increase was driven by a 9.2% rise in electricity consumption within the Irkutsk energy system, as well as a decrease in generation from the Angara River hydroelectric station cascade in the second half of 2024.
Electricity generation at En+ thermal power plants (TPPs) increased by 3%, reaching 16.9 bln kWh. Meanwhile, heat supply declined by 4% to 26.3 mln Gcal, which En+ attributed to weather conditions - the average monthly temperature in 2024 was 1°C higher than in the previous year.
During the reporting period, electricity production at the hydropower plants of the Angara Cascade grew by 4.5% to 55.5 bln kWh.
En+ Group is a vertically integrated producer of aluminum and electricity. The company operates power plants with a total capacity of 19.4 GW and aluminum production facilities with an annual capacity of 4.2 mln tonnes through its controlling stake in Rusal. The key shareholders of En+ include B-Finance, an investment company controlled by Oleg Deripaska, which holds a 44.95% stake (with its voting rights limited to 35%), commodity trader Glencore (10.55%), and the company’s own treasury shares accounting for 21.37% of the total stock.