Montenegro: CGES recorded 20 million euros profit in 2022, SEE Energy News
Montenegrin electricity transmission system operator CGES recorded a net profit of 20.3 million euros in 2022, compared to 16.85 million euros net profit recorded in 2021. The company’s net sales in last year reached 119.2 million euros – 60% more compared to 2021.
At the same time, operating expenses rose by 76% reaching 86.2 million euros. Total assets of CGES increased by 5% and amounted to 316 million euros at the end of 2022.
The Government of Montenegro owns 55% of the shares in CGES, while Italian Terna has 22% stake in the company. In late December 2015, Serbian electricity transmission system operator EMS became a shareholder in CGES, after the company bought about 10% of CGES’s shares at Montenegrin Stock Exchange for 13.9 million euros. In January 2021, EMS bought additional 5% stake in Montenegrin operator.