Inter RAO Lifts H1 2024 IFRS Net Profit by 17.3% to 79.5 Billion Roubles

Summary: Inter RAO (Интер РАО), the Moscow-based diversified energy holding, reported IFRS net profit of 79.5 billion roubles for the first half of 2024, up 17.3% year on year, on revenue of 728 billion roubles (+10.7%), while EBITDA fell 9.8% to 79.7 billion roubles and capital expenditure nearly doubled to 43.1 billion roubles, according to the company's report published by Interfax on August 14, 2024.

The half-year result

Net profit of PJSC Inter RAO under IFRS grew by 17.3% in the first half of 2024 compared with the same period of the previous year, reaching 79.5 billion roubles, the company's report says. Revenue for the period amounted to 728 billion roubles, an increase of 10.7%, while EBITDA decreased by 9.8% to 79.7 billion roubles. The combination of rising revenue, rising net profit and falling EBITDA describes a half-year in which the bottom line was supported by items below the operating line while operating margins compressed.

Investment programme and balance sheet

Capital expenditure of Inter RAO in January-June 2024 was estimated at 43.1 billion roubles against 21.8 billion roubles a year earlier, an almost twofold increase that marks the acceleration of the company's investment programme. Loans and borrowings of the company in the first half stood at 13.3 billion roubles. On the company's accounts at the end of June 2024 there were 219.2 billion roubles, with a further 228.3 billion roubles recorded in other current assets.

Net profit (IFRS), H1 2024: 79.5 billion roubles, +17.3% year on year.
Revenue: 728 billion roubles, +10.7%.
EBITDA: 79.7 billion roubles, -9.8%.
Capital expenditure: 43.1 billion roubles against 21.8 billion roubles in H1 2023.
Cash at end-June 2024: 219.2 billion roubles, plus 228.3 billion roubles in other current assets.

Ownership structure

The main shareholder of Inter RAO at the end of 2023 was Rosneftegaz (Роснефтегаз) with 26.37%, while Inter RAO Capital (Интер РАО Капитал) held 29.56%. A further 8.57% belonged at the end of 2021 to PJSC Federal Grid Company - Rosseti (ПАО «Федеральная сетевая компания - Россети», formerly FSK EES, now merged with PJSC Rosseti), and 34.24% was in free float. The structure combines state-linked strategic holders with a substantial market float, which keeps the company's reporting in the focus of both regulators and portfolio investors.

What the numbers say about the business

For a holding whose operations span generation, energy trading and supply, the H1 2024 set of figures reads as a year of volume and price growth on the top line, margin pressure at the operating level and a deliberate step-up in capital deployment. The near-doubling of capex against a modest debt load and a cash position exceeding 200 billion roubles indicates that the investment programme is being financed internally, without leverage becoming the story of the half-year.