Enemalta reported a profit before tax of €20 million in 2015 and €46 million 2016, and is on track to report a further €40 million for 2017, its chairman and CEO Fredrick Azzopardi said.

The audited accounts have been sent to the Company Registrar and should be available to the public soon.

The company had reported a loss of €100.1 million in 2013 and of €53.4 million in 2014.

Mr Azzopardi said that the turnaround in the company was due to various issues, from reducing the head count, to reducing the losses. He also said that the ability to buy electricity from different sources was also beneficial, as before Enemalta was relying on old and relatively inefficient plants.

He confirmed that a dividend policy had been agreed with the shareholders but that they would not be paid “until the near future”, with the focus until now being on re-investing the funds to bring the infrastructure “on its feet”.

Looking ahead, he was positive about the coming years, saying that demand was up 6 per cent, higher than anticipating, meaning revenue streams would be strengthened.

He also announced that he would be stepping down as CEO of the company as from January 1, 2018, but that he would be keeping his position as non-executive chairman. His term runs out in summer 2018. A CEO designate has been selected although he declines to say who it was.

“In the past four years, the team has worked well and I think I have the respect of both shareholders. The decision to step down as CEO was discussed with them, and they both wanted me to stay on as chairman. I am convinced that whoever comes after me will look after the company.”

Mr Azzopardi also revealed that Enemalta’s headcount had been brought down to 600, a number he described as “appropriate” for the company’s needs.