Serbia’s energy giant EPS records almost one billion euros in profit, report says

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Serbia’s Mining and Mining Ministry reported on Tuesday (19 March) that Serbian state-owned Elektroprivreda Srbije (EPS) recorded a profit of 114 billion dinars (around 973 million euros) in 2023.

“The financial result of EPS last year is truly historic, with a profit of almost one billion euros, which has never been seen before. However, it is necessary to continue the process of improvement of management, implement profound changes in every segment, improve coal production, intensify work on discoveries, and accelerate investments in production capacities,” said Serbia’s Mining and Energy Minister Dubravka Đedović Handanović.

Đedović Handanović noted that finances and electricity production were stabilised during the past year, along with significantly replenished coal deposits and accumulations. “The changes have begun from the top, but for the company to truly transform into a profitable energy giant, changes must be implemented throughout the system’s depth. Work on the company’s transformation plan is still ongoing, which should lay the foundations for operational and financial efficiency,” she said.

“At the same time, it is necessary to identify unnecessary costs and implement savings because there is room for savings, especially when it comes to business expenses. The state, as the owner, will continue to insist on both the transformation plan and on accelerating work on opening new surface mines, increasing coal production, and significantly increasing investment realisation, as they are crucial for EPS. Investments need to be viewed more realistically, planned better, and most importantly, realised significantly better. Continuous monitoring of financial and physical investment realisation, especially in the mining sector, is necessary,” the Serbian minister added.

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