Finnish Fortum's comparable earnings before interest taxes (EBITDA) increased by 16% to €1.77 billion in 2019 compared to the previous year, the company announced on Thursday.
Fortum said its comparable operating profit also increased by 21% to €1.19 billion in 2019 from €987 million in 2018.
"During 2019, we continued our determined efforts to implement Fortum’s strategy. We focused on operational excellence in all our operations, re-assessed parts of our district heating business, continued to build solar and wind power, reached an agreement to increase our shareholding in Uniper, and improved our financial results substantially," said Pekka Lundmark, CEO of the company.
Lundmark said that the comparable operating profit for 2019 increased by more than 200 million euro to 1.2 billion euro, mainly driven by a clear result improvement in the generation segment and also supported by improved results in the consumer solutions and Russia segments.
He also said that the positive results are driven by clearly higher hydro volumes and good operational performance.
By Murat Temizer