In the first quarter of 2025, Coalmine and Thermal Power Plant (RiTE) Ugljevik reported a loss of approximately 2.71 million euros, marking a steep decline from the 1.84 million euro profit recorded in the same period last year. The company’s latest financial report reveals a sharp drop in revenue, which fell to 18.81 million euros from 23.65 million euros in Q1 2024. Meanwhile, expenses saw only a slight reduction, down to 21.58 million euros from 21.86 million.
As of the end of March 2025, RiTE Ugljevik employed 1,939 workers, slightly fewer than the 1,981 recorded a year earlier. A key factor straining the company’s finances is the continued supply of one-third of its electricity output to Slovenia at below-market prices, due to pre-war investment agreements. This burden is compounded by a 190 million euro debt the company owes to Slovenia, following an arbitration ruling.
In contrast, RiTE Gacko began 2025 on a stronger footing. The plant posted a profit of around 440,000 euros in the first quarter, a significant improvement from the 3.68 million euro loss in the same period last year. The turnaround was driven by an increase in revenue of approximately 2.56 million euros and a cost reduction of about 1.53 million euros. RiTE Gacko also trimmed its workforce slightly, employing 1,895 people at the end of Q1 2025—25 fewer than a year earlier.
