ZE PAK posts net profit of PLN 105.7 mln in first half of 2024

Listed power utility ZE PAK recorded a net profit of PLN 105.7 million (EUR 24.8 mln) for the parent company in the first half of 2024, compared to a loss of PLN 153 million (EUR 36 mln) a year ago, the company said in its half-year report.

Operating profit amounted to PLN 112.6 million (EUR 26.5 mln) against a loss of PLN 152 million (EUR 35.7 mln) a year earlier.

Total sales revenue amounted to PLN 1.04 billion (EUR 244.4 mln), down by approximately 53 percent year on year.

As reported, the decrease in revenues was mainly due to a decrease in revenues from the sale of electricity, due to both a lower price by 35.28 percent and a decrease in total sales volume by 42.86 percent, both in the volume of sales of own and purchased energy.

The group reported that the main project under way is the construction of a 600 MW gas-steam unit on the site of the former Adamow power plant.

As reported, execution works started in December 2023 and are progressing according to the assumed schedule - ground works are nearing completion and the construction of foundations has started.

The commissioning date for this investment is expected to be at the end of the first quarter of 2027.

Design work is also underway in preparation for the development of the Przykona photovoltaic farm with a capacity of around 280 MW.

pel/ han/