Croatia's Professio Energia boosts cons net profit in H1

Croatian renewable energy company Professio Energia [ZSE:DLPR] said its consolidated net profit for the first half of this year rose to 25.9 million kuna ($3.5 million/3.4 million euro) from 10.3 million kuna in the same period of 2021.

Operating revenue soared 69.6 million kuna from just 11,506 kuna in the same period of 2021, as sales revenue totalled 69.4 million kuna, compared to a zero revenue in the first six months of last year, Professio Energia said in a filing to the Zagreb bourse last week.

Operating costs increased to 44.7 million kuna in the period under review from 1.6 million kuna a year earlier.

Professio Energia said on Monday that its 50% owned subsidiaries Eko and Velika Popina signed deals to sell electricity from three wind farms near Zadar to Danish electricity trader Danske Commodities. The parks are among the first in Croatia to voluntarily leave the Feed-in Tariff (FiT) subsidy scheme.

Professio Energia is the first Croatian public listed company focused on development, implementation, and long-term management of renewable energy projects. It is owned by Croatian institutional investors, pension funds and insurance companies.

With a combined development and operational project portfolio of more than 300 MW, Professio Energia is one of the leading renewables developers in Croatia.

The shares of Professio Energia were listed on the Zagreb Stock Exchange (ZSE) in October 2019 but have not traded yet.

(1 euro=7.514 Croatian kuna)

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