DTEK Energy’s revenue in the first half of 2023 decreased by 6.5% compared to the same period last year – to UAH 29.9 billion, according to the company’s financial statements published on the London Stock Exchange on Monday.

It is noted that this happened primarily due to a decrease in electricity sales volumes by 20%, which was caused by massive enemy attacks on the company’s energy enterprises and a reduction in demand, and the share of sales in the domestic market increased to 99% versus 86% in the first half of 2022 year due to a decline in exports.

According to the report, the company's net profit in the first half of 2023 amounted to UAH 6.23 billion against a net loss of UAH 1.41 billion for the same period last year, which is due to both a slight increase in gross profit - up to UAH 9.66 billion from UAH 7.94 billion, and with savings from the redemption of eurobonds in previous periods, as well as the absence of costs from exchange rate differences on international obligations to investors, which amounted to UAH 3.34 billion in January-June 2022.

As a result, income tax in the first half of this year increased to UAH 2.05 billion compared to UAH 50 million in the first half of last year.

The company's free cash flow at the end of June this year amounted to UAH 2.83 billion, compared to UAH 2.01 billion at the beginning of the year and UAH 2.763 billion by mid-2022.

"According to the terms of the debt documentation, the company is obliged to annually allocate funds for servicing eurobonds. Fulfillment of these obligations allows us to reduce the debt burden on the company and gain the opportunity to increase the limits on relevant investment activities in subsequent years. This is an additional resource for the restoration of equipment damaged/destroyed by the enemy, a repair campaign at thermal power plants, investments in domestic coal mining,” the company noted to the Interfax-Ukraine agency.

Despite the war, DTEK Energy's capital investments in thermal power plants and mines in the first half of this year increased 2.4 times - to UAH 4.04 billion. It is noted that the bulk of the resources to cover capital costs were allocated at the expense of the profits received during the specified period.