innogy profits triple in 2019
Profits at innogy Czech Republic tripled in 2019 compared to 2018, reaching CZK 19.6 billion. The results were driven primarily by the sale of its subsidiary Czech Grid Holding, which handles the majority of the distribution of natural gas in the country. Revenues from the sale of its products and services rose 2 percent to CZK 32.3 billion while profits rose 13.4 percent to CZK 2.3 billion. Sales of gas fell 5 percent because of unusually warm temperatures as well as the loss of customers to competitors. Sales of electricity rose 15 percent, however, to 3.1 million MWh. With its 1.2 gas customers, innogy is the largest supplier in the Czech Republic, though its customer base for electricity is far smaller at just 400,000. The company was bought last year by a consortium of investors led by Macquarie Infrastructure and Real Assets.