CEO Jose Garza highlighted the company's robust growth across all divisions despite industry challenges. The Group saw double-digit increases in both electricity and natural gas supply volumes, driven by strategic acquisitions like CEZ Vanzare and an 18 MW wind park, as well as organic expansion in the natural gas segment. Premier Energy added 80 MW of wind capacity and 5 MW of solar capacity post-June 30th, keeping the company on track with its strategic electricity generation goals.
Operationally, the Group's renewable energy production grew by 7%, bolstered by new assets, although this was tempered by unfavorable wind conditions in Romania. Electricity supplied increased by 48%, and natural gas supply grew by 26%, reflecting expanded energy supply capabilities. The natural gas customer base grew by 11%, and the acquisition of CEZ Vanzare added 1.3 million supply customers, with integration proceeding as planned. The Moldova operations performed as expected on a normalized basis, contributing positively to overall results.
CFO Petr Stohr emphasized the Group's resilience amid a volatile energy market, achieving a 21% increase in normalized revenue and stable EBITDA. Despite challenges such as high electricity imbalance costs and fluctuating market conditions, Premier Energy maintained a strong financial position with €109 million in net working capital and cash balance, ensuring continued growth and strategic execution.
However, the renewable segment in Romania saw a 13% revenue decline to €87.4 million, impacted by lower electricity prices, a new solidarity tax on electricity production, and reduced wind output. The newly acquired Romania Energy Supply segment generated €78.6 million in revenue during its first three months under Premier Energy's ownership. The natural gas business saw a 20% increase in revenue, while the electricity segment in Moldova remained flat on a normalized basis at around €200 million.
For 1H 2024, normalized EBITDA reached €53.2 million, compared to €51.4 million in 1H 2023. The normalization reflects adjustments for tariff deviations in Moldova and lower tariffs on unbilled energy. Profit before tax dropped by 64% to €23.2 million, and profit after tax declined by 60% YoY to €19.9 million. However, normalized net profit, adjusted for tariff impacts, rose by 48% YoY to €39.8 million.
Premier Energy Group ended the first half of 2024 with a strong liquidity position, holding €109 million in net working capital and cash, which supports the Group's ability to navigate market challenges and invest in growth initiatives.
