Montenegro, EPCG recorded a net profit in the amount of 33.5 million euros in Q1 2022, SEE Energy News
Montenegrin state-owned power utility EPCG recorded a net profit in the amount of 33.5 million euros in the first quarter of 2022, compared to 23.6 million euros net profit recorded in the same period last year. This is the best financial result ever recorded in the first quarter.
The result is heavily influenced by high energy prices, which even managed to offset poor hydrological situation in the first quarter, with electricity production of HPP Piva and HPP Perucica being 12 and 30 % below planned, respectively.
Operating revenues of the company in the first three months of the year reached 158.7 million euros, which is 50.7 % more compared to the same period in 2021. On the other hand, operating expenses rose by 56.3 % reaching 113.5 million euros.
Total assets of EPCG increased by 4 % and amounted to 1.273 billion euros at the end of March 2022. Retained earnings of the company amounted to 99.7 million euros. Long-term liabilities amounted to 37.5 million euros, while short-term liabilities amounted to 69.8 million euros.