Bulgaria, CEZ Electro recorded a net profit in the amount of 9.4 million euros in 2021

, SEE Energy News

Electricity supplier CEZ Electro recorded a net profit in the amount of 9.4 million euros in 2021, compared to a profit of 8.3 million euros in the previous year.

The company’s operating revenues rose to 495.5 million euros last year, from 342 million euros in 2020. Operating expenditures increased to 485.2 million euros from 332.5 million euros in the previous year.

In July 2021, insurance group Eurohold Bulgaria announced that it has completed the acquisition of the Bulgarian assets of the Czech energy company CEZ for 335 million euros. The statement from the Eurohold Group reads that it has acquired 67 % interest in electricity distributor CEZ Distribution Bulgaria and electricity supplier CEZ Electro Bulgaria, as well as 100 % of the shares of licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass power plant Bara Group, and CEZ Bulgaria – the coordinator of CEZ Group’s units in Bulgaria, through its wholly-owned subsidiary Eastern European Electric Company.

Last November, Eastern European Electric Company, a wholly-owned subsidiary of insurance group Eurohold Bulgaria, has submitted an improved buyout bids for the remaining 33 %  stakes in electricity supplier CEZ Electro it does not already own. The company is planning to buy 1,650 shares in CEZ Electro Bulgaria for the price of 13,755 euros per share.

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