CEZ's net profit nearly 8 times higher at CZK 52.3 billion in Q1-Q3

by   CIJ News iDesk III
2022-11-10   09:57

Czech energy group CEZ raised Q1-Q3 net profit to CZK 52.3bn from CZK 6.7bn in Jan-Sept last year and full-year profit is projected at CZK 65-75 billion, CEZ said on its website today.

EBITDA (earnings before interest, taxes, depreciation and amortisation) soared by 88 percent yr/yr to CZK 89.3 billion, which CEZ attributed to an enormous growth in commodity prices on the wholesale markets, a record-high profit from trade in commodities on the foreign markets and a high-reliability operation of its power plants this year.

EBITDA's unprecedented growth in the production segment was reduced by worse results in the sales segment as a result of rising prices of commodities.

CEZ Prodej, a company supplying electricity and gas to end customers in Czechia, saw its EBITDA go down by CZK 500 million in annual terms due to a huge increase in the purchase price of gas and electricity in 2022 that was partly offset by seasonal effects, said the company.

Operating revenues posted an annual rise of 35 percent to CZK 211.1 billion.

CEZ expects the net profit adjusted for extraordinary influences to reach CZK 65-75 billion this year.

"The current full-year profit projection indicates a record-high dividend for the shareholders," said CEZ board chairman and CEO Daniel Benes.

"If dividend is set in the upper part of the interval of the dividend policy, CZK 52 billion to CZK 60 billion will be distributed among the shareholders," he said.

The state, as a majority owner, would get CZK 36-42 billion in dividends.

Source: CEZ and CTK