Riga, Sept 8 (LETA) - The turnover of Rigas Siltums municipal heating utility in the first nine months of the financial year from October 1, 2024, to June 30, 2025, was EUR 228.023 million, which is 5.6 percent less than in the corresponding period a year earlier, while the group's profit increased by 79.6 percent and reached EUR 32.383 million, according to the information published by the company.

The turnover of the parent company Rigas Siltums in the corresponding period was EUR 228.017 million, down by 5.5 percent, while the company's profit fell by 9.2 percent to EUR 18.409 million.

In the management report, the decrease in turnover was explained by the fall in energy prices, which led to a reduction in the tariff for heat supply services. The major costs in the heating tariff of Rigas Siltums are the purchased heating and fuel, thus the tariff mainly depends on the prices of purchased heating and fuel - natural gas and biofuels (chips and pellets).

Revenue from electricity sales in the first nine months of the financial year amounted to EUR 1.1 million, representing 0.5 percent of the group's total turnover and 27 percent less than in the corresponding period a year earlier.

In the first nine months of the financial year, Rigas Siltums transferred 2,902 gigawatt hours (GWh) of heating to the grid, which is 5 percent or 150,000 megawatt hours (MWh) less than in the corresponding period a year ago.

The management explained that the decrease in heat transferred to the grid was mainly due to warmer outdoor temperatures than in the corresponding period a year earlier.

2 588 GWh of heating were delivered to consumers, a decrease of 5 percent or 134,000 MWh compared to the same period of the previous financial year.

In the first nine months of the financial year, the company supplied 46 percent of the total amount of heating delivered to Riga district heating networks, while the remaining 54 percent of the required heating was purchased from other producers.

In the corresponding period of the previous financial year, i.e. from October 1, 2023, to June 30, 2024, Rigas Siltums concern had a turnover of EUR 241.479 million and a profit of EUR 18.031 million.

Rigas Siltums concern also includes Rigas BioEnergija.

Rigas Siltums is one of the main suppliers of heat energy in Riga. The company's capital is 49 percent owned by the Riga City Council, 48.99 percent by the Latvian state, 2 percent by Energijas Risinajumi. RIX, and Latvenergo holds 0.005 percent of the shares.