EVN Macedonia Financial Results 2020 - 2024: Stabilization After the Energy Crisis

The company EVN MACEDONIA AD is undoubtedly one of the most important entities in the energy sector in North Macedonia, especially in the area of electricity distribution. Hence, it is not surprising that it is a long-standing member of the 200 family THE LARGEST AND SUCCESSFUL.

The analysis of financial results for the period 2020 – 2024 shows significant changes in operations, which are primarily caused by the global energy crisis and market turbulence.

At a time when Nort Macedonia is facing the Covid pandemic, its consequences and the energy crisis, this is reflected in the operations of EVN Macedonia as the main supplier of electricity to our market.

When looking at the financial results of operations, it becomes clear that during this period, the company goes through a phase of decline, a serious blow in 2022, and subsequent stabilization and recovery.

EVN Macedonia's Revenues: Fall and Regrowth

In the period from 2020 to 2022, EVN MACEDONIA AD has recorded a continuous decrease in revenue, which is directly related to global political and economic developments in the world, and also in our country.

From over 5.1 billion denars in 2020, revenues are decreasing to 3.89 billion denars in 2022.

This decline is a result of:

• increased costs for purchasing (importing) electricity
• regulatory restrictions
• instability in the global energy market

A significant recovery is expected in 2023, with revenues again exceeding 5 billion denars.

In 2024, revenues remain stable, indicating a consolidation of the market position.

According to data from the Central Register of the Republic of North Macedonia, in 2024, EVN Macedonia generated total revenue of 5,209,387,059 denars and profit before tax of 1,722,590,557 denars.

In 2024, the company ranked 8th on the ranking list of the most successful companies , which is a drop of 4 positions compared to the previous year.

In terms of success, it ranked 57th, which also moved it down 4 positions on the ranking list of the most successful Macedonian companies.

Profit and profitability: Sharp decline in 2022, followed by a rapid recovery

Such variable results are a consequence of the fact that the profitability of EVN is strongly influenced by external factors.

After stable results in 2020 and 2021, 2022 brings a drastic drop in profit to around 266 million denars, representing a decrease of over 85%.

In 2023, the company recorded a dramatic recovery, with profit growth of over 560%, reaching a level of around 1.77 billion denars.

In 2024, profits remain stable, indicating a normalization of business operations.

Number of employees and organizational stability

One of the most important indicators of stability is the number of employees. EVN maintains a relatively consistent number of employees throughout the analyzed period.

The number ranges from 208 to 235 employees, with a slight increase in 2024. This is important data that indicates:

• stable organizational structure
• long-term strategy
• continuity of operations

Focus on electricity distribution

In 2024, there is a clear focus on the core business – electricity distribution. This strategic approach enables: greater efficiency, better resource management and stability in the regulated market.

EVN Macedonia in the face of an energy crisis

The energy sector is specific because it is heavily regulated, which means that financial results depend not only on the market, but also on state policies and tariffs.

But despite these limitations, EVN shows the ability to adapt and maintain stability, which is especially important in times of crisis.

After stabilization in 2023 and 2024, EVN is expected to continue investments in energy infrastructure, modernization of the distribution network, and maintenance of stable financial results.

The financial results of EVN for the period 2020–2024 clearly show that the company is successfully addressing the challenges in the energy sector.

After a significant decline in 2022, a strong recovery and stabilization follows, which positions the company as a reliable and long-term sustainable player in the electricity market in North Macedonia.