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Russian Grids

October 25, 2019

Rosseti's net profit rocketed fivefold under RAS for first three quarters

Rosseti PJSC (MOEX:  RSTI), which manages a federal grid company and 15 interregional distribution grid companies in 80 regions of the Russian Federation, announces financial results for the first three quarters of 2019 calculated in accordance with Russian accounting standards. These results reflect the stable development of the company.

Compared to the same period a year ago, the revenue of Rosseti remained at the same level as in the period mentioned above, exceeding 26 billion rubles. The Rosseti company has consistently increased the efficiency of its subsidiaries, which fueled the growth in investment attractiveness and market capitalization of subsidiaries during the period under review. This allowed the company not only to pay dividends, but also to increase its net profit by more than five times for the reporting period, namely from 19.2 billion rubles in the period from January to September 2018 to 100.4 billion rubles in the first three quarters of 2019. 

In 2019, Russian Prime Minister Dmitry Medvedev supported legislative initiatives proposed by the Holding’s management, which were aimed at improving the regulatory framework in the electric supply industry. This year, the Rosseti company submitted an updated version of the Company's strategy to the RF Ministry of Energy. 

All these steps are focused on ensuring the long-term stability of the financial and economic performance of Rosseti and increasing returns to its shareholders and investors, which is mirrored by the results achieved.

 

 

 

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