Serbia, Fintel Energija said that it has recorded a net profit in the amount of 2.9 million euros in H1 2022

, News Serbia Energy

Serbian subsidiary of Italian Fintel Energia Group – Fintel Energija said that it has recorded a net profit in the amount of 2.9 million euros in the first half of 2022, compared to a profit of 4.8 million euros in the same period last year.

The statement from the company said that its revenues decreased by 10 % on an annual level in the six three months of 2022 to 9.85 million euros, while its operational expenditures also dropped by 1.2 % to 4.75 million euros.

In May, MK Group and Fintel Energija launched the construction of wind farm Kula 2 with installed capacity of 10 MW. The new facility will be located in the vicinity of the first wind farm in Serbia – Kula, commissioned in 2015. The wind farm will be completed by the end of the year and it should enter commercial operation in March 2023. Total investment in the project amounts to 17.5 million euros. Estimated annual electricity generation of the future wind farm is 28.6 GWh.

Fintel Energija successfully completed the first initial public offering (IPO) on the Belgrade Stock Exchange since 1940 on 31 October 2018. The company raised 6.4 million euros through the IPO, in which investors subscribed for 1,510,506 shares at an issue price of 4.2 euros per share.