Despite an unpredictable 2022, many energy companies have managed to land large profits. This is also the case in Verdo, which is headquartered in Randers. The energy company has thus managed to create its best result to date of 238 million DKK after tax, while the operating profit (EBITDA) landed at 409 million DKK. Revenue ended at 5.4 billion DKK.
- I think we can be proud of the result. 2022 was in many ways a year of extremes. We found ourselves in situations that no one had experienced before almost every day. Yet we managed to navigate through the difficult conditions and come out stronger on the other side, says Jakob Flyvbjerg Christensen, CEO of Verdo, in a press release.
According to the director, it is the commercial business areas, Verdo Trading and electricity production at Verdo Produktion, that have driven the result. Verdo Trading trades fuels globally, while Verdo Produktion sells the excess energy from the combined heat and power plant in Randers on the electricity exchange.
- It shows how commercial businesses help create value and can thus also contribute to the development of the areas we supply, explains Jakob Flyvbjerg Christensen.
Not all business lines made a profit
However, not all Verdo areas have made a profit. Thus, Verdo Teknik, which is Denmark's largest operator within street lighting, Verdo Elsalg, which sells electricity to end customers, and Verdo Energy Systems, which supplies energy systems throughout Europe, have all had to report losses.
Verdo Energy Systems has meanwhile filled its order book, so there is now a historically large order backlog and continued increasing demand.
Although the three businesses did not land on the plus side in 2022, there are positive expectations for all of them.
Profits to be invested
Verdo is a consumer-owned and purpose-driven group. Therefore, no private investors will have a share of the profits. Instead, it will be used to further boost the green transition, says Verdo's chairman of the board, Torben Høeg Bonde:
- The entire energy sector is undergoing restructuring. That is why it also means a lot to us that we emerge from 2022 stronger. It simply gives us better opportunities to make the choices that will ultimately benefit consumers. In that light, I am happy with the result and optimistic on behalf of consumers, he says.
In the first half of 2023, Verdo has already started conversion projects worth around DKK 150 million, which will help citizens move away from expensive gas and onto district heating. A new waterworks is also on the way, which will be powered by renewable energy for around DKK 40 million. The energy supply of the future awaits with digitalization, energy storage, renewable energy sources and new energy plants.
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