Statkraft recorded net profit of Nkr13.4bn (€1.4bn) for last year, up almost Nkr1.7bn on 2017, according to new financial results.
The Norwegian power giant said the performance, which included a Nkr3.6bn bump in operating revenue to Nkr26.9bn, was down to higher Nordic power prices and reduced salary costs.
The figures were also positively impacted by gains on transactions, including a 30% shareholding in the Dudgeon wind farm off east England, which led to a gain of Nkr5106m.
Hydropower and wind generation hit 52.7TWh and 2.7TWh during the year, broadly in line with the figures recorded in 2017.
Statkraft revealed the financials in quarter four results, which showed a pre-tax profit of Nkr3.9bn, down Nkr2.9bn on the same three months in 2017.
However, operating revenue from the quarter was almost Nkr17bn, up from Nkr14.2bn in the year-ago period, with underlying EBITDA hitting Nkr5.8bn, up Nkr1.5bn year-on-year.
Chief executive Christian Rynning-Tonnesen (pictured) hailed the results as “solid” and “strong”.
“Statkraft has demonstrated a strong value creation, contributing to the Norwegian society and to a green transition in the world. Our ambition is to maintain the position as the largest renewable company in Europe and to grow significantly in South America and India,” he said.