Montenegro, CGES recorded a net profit of 13.98 million euros in the first nine months of 2021

, SEE Energy News

Montenegrin electricity transmission system operator CGES recorded a net profit of 13.98 million euros in the first nine months of 2021, compared to 9.82 million euros net profit recorded in the same period last year.

Operating revenues of the company in the first nine months of the year reached 49.2 million euro, which is 33 % more compared to the same period in 2020. On the other hand, operating expenses rose by 30.6 % reaching 33.3 million euros. Purchase cost of goods sold amounted to 18.1 million euros, while salaries, benefits and other personnel expenses amounted to 2.86 million euros in the first nine months of this year.

Total assets of CGES increased by 4.2 % and amounted to 293.1 million euros at the end of September 2021. Retained earnings of the company amounted to 46.7 million euros. Long- term liabilities amounted to 49.2 million euros, while short-term liabilities amounted to 13.8 million euros.

The Government of Montenegro owns 55 % of the shares in CGES, while Italian Terna has 22.09 % 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 some 13.9 million euros. In January 2021, EMS bought additional 5 % stake in Montenegrin operator.