Eesti Energia reports Q1 net profits of €26.5 million

State-owned energy firm Eesti Energia’s sales revenue has reported a first quarter 2021 (Q1 2021) sales revenue increase of one third, year-on-year, to €297.3 million.

Net profit in Q1 2021 stood at €26.5 million, the company says, compared with losses of over €2 million in Q1 2020.

At the same time, Earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 46 percent, to €72.4 million, on year.

Andri Avila, Member Eesti Energia CFO, said the strong overall result was based on the increase in production and sales volumes, higher energy prices, and lower fixed costs than last year.

He said: “Compared with 2020, the temperatures in the first three months of this year were on average almost six degrees lower. This led to a 10 percent rise in electricity consumption.”

“The increased demand for electricity in turn raised both market prices and the need for our thermal power plants,” Avila added, according to a company press release.

Read more: ERR.EE

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