Montenegro, CGES recorded a net profit of 16.85 million euros in 2021

, SEE Energy News

Montenegrin electricity transmission system operator CGES recorded a net profit of 16.85 million euros in 2021, compared to 12.46 million euros net profit recorded in the previous year.

Operating revenues of the company in 2021 reached 76.45 million euros, which is 49.7 % more compared to 2020. On the other hand, operating expenses rose by 55.9 % reaching 57.4 million euros. Purchase cost of goods sold amounted to 33.5 million euros, while salaries, benefits and other personnel expenses amounted to 7.27 million euros in 2021.

Total assets of CGES increased by 7.1 % and amounted to 301.2 million euros at the end of 2021. Retained earnings of the company amounted to 42.1 million euros. Long-term liabilities amounted to 39.9 million euros, while short-term liabilities amounted to 30.4 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.