MOEC's profit under IFRS for the first quarter decreased by 25.6%

AK&M 19 May 2022 13:29

MOEC's profit under IFRS for the first quarter of 2022 decreased by 25.6% to RUB 8.02 billion from RUB 10.78 billion a year earlier. Revenue decreased by 6.4% to 69.46 billion rubles from 74.2 billion rubles, EBITDA – by 22% to 14.59 billion rubles from 18.8 billion rubles. This was announced by the company.

PJSC MOEK is a unified heat supply organization (ETO) of Moscow, providing centralized heating and hot water supply to the capital in the area of operation of the Mosenergo CHP, its own heat supply sources, as well as other thermal generation facilities, with the exception of small local heat supply areas from isolated and departmental heat sources. The activities of PJSC "MOEK" include transportation, distribution and sale of thermal energy, provision of activities and development of a centralized heat supply system, as well as generation of thermal energy. Gazprom Energoholding LLC (a 100% subsidiary of Gazprom PJSC) is the controlling shareholder and managing organization of PJSC MOEK.

MOEC's RAS net profit for 2021 increased by 27.5% to RUB 15.65 billion from RUB 12.27 billion a year earlier. Revenue increased by 21.9% to RUB 179.8 billion from RUB 147.52 billion. EBITDA at the end of 2021 amounted to 33.38 billion rubles. 

MOEC's profit under IFRS for 2021 decreased by 24% to RUB 8.6 billion from RUB 11.35 billion a year earlier. Revenue increased by 18.9% to RUB 185.67 billion from RUB 156.13 billion, EBITDA increased by 16% to RUB 35.68 billion from RUB 30.77 billion. Operating expenses increased by 21.8% to RUB 1,705 billion.