The energy group Norlys earned 4.2 billion kroner before tax in 2022. This is more than eight times as much as the year before. This is shown in the group's annual accounts on Friday morning.
The high profit is particularly a result of large revenues in the energy trading company Norlys Energy Trading, of which the group owns 51 percent. The money was earned in an energy market where there were large price fluctuations last year. This gave energy companies good conditions for making money from energy trading.
The profit was mainly obtained outside the country's borders, and therefore it has not affected customers' energy prices, Norlys assures in its financial statements.
- On the contrary, the volatile market has had negative consequences for the energy business in particular, the group writes in its annual financial statements.
- The sharp price increases in the electricity market in the second half of 2022 have led to a historic shift in the customer base from fixed price to flexible settlement.
- With prices and quantities in kilowatts already covered, this has had a negative impact on results of approximately DKK 180 million, it says.
Doubling of revenue
Customers have approached Norlys to a much greater extent than before to talk about their large bills. An additional 100 employees were hired to handle this, but it was far from enough, Norlys writes further. In total, personnel costs have increased by 700 million kroner compared to the previous year.
Last year, revenue more than doubled to 22 billion kroner. The year before, the group had revenue of 10.6 billion kroner. Norlys expects the good pace to continue in 2023.
For the year, the group expects to end with a profit before tax of 2.7 billion kroner. Based on last year, a total of 29.3 million kroner has been paid in remuneration to the management and board of directors of Norlys. This is 2.1 million kroner more than the year before.
/ritzau/
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