Montenegro, CGES recorded a net profit of 16.83 million euros in the first nine months of 2022

, SEE Energy News

Montenegrin electricity transmission system operator CGES recorded a net profit of 16.83 million euros in the first nine months of 2022, which is 20.4 % more compared to 13.98 million euros net profit recorded in the same period last year.

The company’s sales revenues in the first nine months of the year reached 88.99 million euros, which is 86.3 % more compared to the same period in 2021. On the other hand, operating expenses rose by 124.6 % reaching 64.28 million euros. Purchase cost of goods sold amounted to 53.8 million euros, while salaries, benefits and other personnel expenses amounted to 4.77 million euros.

Total assets of CGES increased by 5.7 % and amounted to 318.3 million euros at the end of September 2022. Retained earnings of the company amounted to 58.9 million euros. Long- term liabilities amounted to 46 million euros, while short-term liabilities amounted to 18.95 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.