Energy retailer Fysiko Aerio EEE, a subsidiary of gas company DEPA Commercial, has posted a net profit of 32.9 million euros for 2022, more-than-double its performance a year earlier, 14.184 million euros, while also significantly increasing its customer base in the retail gas and electricity markets.

Revenues at Fysiko Aerio reached 883.192 million euros in 2022, up from 406.16 million euros in 2021.

This heightened performance resulted in an EBITDA increase to 45.601 million euros for the DEPA Commercial subsidiary, up from 19.865 million euros in 2021.

Fysiko Aerio greatly increased its number of customers in the retail electricity market, reaching 51,520 in 2022.

Managing the major challenges that existed in 2022, while achieving financial and commercial targets was important for Fysiko Aerio EEE, the company noted in its financial statements.

Last year, a period marked by a significant increase in commodity energy prices, resulting in margin compression and liquidity pressure, was the company’s sixth year of operation in Greece’s liberalized natural gas market and fifth year in the electricity market, one of intense competition.

The company’s main objectives for the forthcoming period are to continue its growth in both the natural gas and electricity markets, manage cash liquidity and maintain cost control, it noted.

Fysiko Aerio sees maintenance of its robust market share in the wider Athens area’s natural gas market, investments in central and northern Greece’s markets, as well as greater penetration in the electricity market nationwide as the key drivers behind its aforementioned goals.