Slovenian energy trader GEN-I recorded a net profit in the amount of 10.5 million euros in the first two months of 2022, thus surpassing its net profit target for the entire first half of the year.
The statement from the company said that the January-February net profit far exceeds the earnings recorded in the comparable period in 2021, but GEN-I remains cautious in its forecasts given the uncertainties related to the geopolitical situation caused by the Russian invasion of Ukraine.
On the other hand, the realization 2022 business plan for 2022 will not be in question, because the exposure of GEN-I to Russia and Ukraine is low, but the company perceives an indirect impact on current market conditions and energy exchanges, where prices and especially their volatility increased significantly in the first week of March.
The company is present in Ukraine with its subsidiary GEN-I Kyiv whose activities have been suspended presumably until the end of the war, while all future bilateral transactions for the purchase of energy with Russian partners have been stopped.
GEN-I recorded a net profit of 5.04 million euro in January, exceeding the result planned for the entire first quarter of 2022.
In 2021, GEN-I recorded net profit in the amount of 70 million euros. Last year, the company increased its business volume by more than 30 % and concluded 200 TWh of trade agreements, which increased operating revenues to 3.4 billion euros.
GEN-I is a 50/50 joint venture of Slovenian state- owned energy group GEN Energija and its affiliate investment firm GEN-EL Nalozbe.