Profits at Encevo Group rose by 60% to €171 million in 2023, the energy company announced in its annual report on Wednesday, as it continues to grow its bottom line throughout the energy crisis.
Net profits rose from €107 million in 2022, which was already a 33% improvement on the 2021 performance – the year before the war in Ukraine caused already rising gas and electricity prices to spike.
While total sales of electricity and gas rose by 3% 2022 and 2023, the group’s turnover increased by 49% to €5.088 billion last year, which was due to high energy prices, the company said.
The group’s earnings before interest, taxes, depreciation,…
