Business News

Gen-I posts record EUR 15 million net profit for 2019

Ljubljana, 19 May (STA) - The energy group Gen-I last year sold a record 83.4 terawatt-hours of electricity to generate more than EUR 2.2 billion in revenue for a third year in a row. Net profit exceeded EUR 15 million for the first time ever, increasing by 16% from 2018.

The annual report published on Tuesday is accompanied by a statement from CEO Robert Golob, who says that in addition to the growth in operations, cash flow and gross margin, the Gen-I group also improved its financial standing last year.

He notes that the group further reduced its debt in 2019. Return on equity exceeded 16% for a third year in a row.

The Gen-I group sells energy in 22 markets and its subsidiaries are present in 14 countries. It has retained the leading position in Slovenia, providing electricity and natural gas for 41% of households in the country, the report adds.

Golob announced that in the coming years, the group will undergo a comprehensive transformation at the business, financial and ownership levels, while its organisational structure will continue to be based on trade, supply and development of energy solutions.

"The company is already oriented towards green technologies, and this will be upgraded with the digitalisation of operations and the use of the most advanced technologies for the processing of large quantities of data," he added.

Additionally, Gen-I is looking to become a leading provider of innovative products and services in the European energy market, and to provide customers with services enabling green transformation, the release says.

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