Energy, Energy Market, Good for Business, Latvia

International Internet Magazine. Baltic States news & analytics Wednesday, 16.10.2019, 02:59

Enefit turnover increases 28.6% in 2018 in Latvia

BC, Riga, 05.07.2019.Print version
Energy company Enefit posted EUR 59.559 mln in turnover last year, up 28.6% on 2017, while the company's losses amounted to EUR 2.433 mln, compared to a profit of EUR 1.079 mln in 2017, according to writes LETA.

Enefit's management report says that the company's energy sales in Latvia last year increased 15 percent to 1,501 gigawatt-hours.

"Thanks to growing sales volumes and a jump in wholesale electricity prices, the company's turnover has increased by almost one third, amounting to EUR 59.6 million," says the management report. Last year Enefit also decided to make provisions for all debts of over 90 days, in the amount of EUR 245,781. As a result, the company had a total annual loss of 2.4 million euros in 2018.

At the same time, Enefit continued to increase its customer portfolio and expand the range of services offered. At the end of 2018, Enefit had 2,563 customers across Latvia.

Enefit was registered in May 2006, the company's share capital is EUR 7.484 million. The company's sole owner is the Estonian company Eesti Energia Aktsiaselts.

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