Slovenia, GEN-I recorded a net profit in the amount of 19.6 million euros in the first seven months

, SEE Energy News

Slovenian energy trader GEN-I recorded a net profit in the amount of 19.6 million euros in the first seven months of 2022, which is 50 % higher than planned for the period.

The company’s revenues in the January-July 2022 period amounted to 2.22 billion euros, while its expenditures reached 2.17 billion euros.

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. However, the company now says that a decrease in the profitability trend is expected by the end of the year due to the challenging conditions on the international energy markets and record-high electricity prices.

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.