RIGA, Dec 1 (LETA) - The group of Rigas Siltums municipal heating utility closed last financial year, which ran from October 1, 2024 to September 30, 2025, with EUR 239.625 million in turnover, down 3.6 percent from a year earlier, while the group's profit grew manifold to EUR 19.888 million, according to information released by the company.

Parent company Rigas Siltums reported EUR 239.618 million in turnover, down 3.6 percent year-on-year, and the company's profit grew by 61.4 percent to EUR 6.373 million.

The company's management attributed the turnover decrease to a drop in energy prices, which led to reduction in the heat supply tariff.

Purchased heat and fuel make up the largest costs in the Rigas Siltums tariff, which therefore mainly depends on the prices of natural gas and biofuels (woodchips and pellets).

Revenue from electricity sales amounted to EUR 1.2 million in the financial year, representing 0.5 percent of the group's total turnover and decreasing by 18 percent from the previous financial year.

In the last financial year, Rigas Siltums supplied 3,169 gigawatt hours (GWh) of heat to the grid, which is 4 percent or 133,000 megawatt hours (MWh) less than a year earlier.

The management report states that the decrease in heat transferred to the grid was mainly due to warmer outdoor temperatures during the heating season than in the previous year.

Consumers were supplied with 2,733 GWh of heat, a decrease of 4 percent, or 121,000 MWh, compared to the previous financial year.

Representatives of Rīgas Siltums informed LETA that investments amounting to EUR 35.7 million were made in the last financial year. More than 11 kilometers of heating networks were rebuilt and constructed. The heat day market was also fully implemented, which allows to purchase heat according to the dynamics of the electricity market, saving almost EUR 16 million over the year compared to the tariff of Latvenergo.

The subsidiary Riga BioEnergija ensured stable production of biofuel heat, supplying 324,000 MWh of heat to the parent company.

In the previous financial year, which ran from October 1, 2023, to September 30, 2024, Rigas Siltums had an audited turnover of EUR 248.634 million and a profit of EUR 991,758.

Rigas Siltums is one of the main suppliers of heating energy in Riga. The company's capital is 49 percent owned by 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.