Power grid operator CEZ Distribution Bulgaria [BUL: CEZD] net profit increase

Power grid operator CEZ Distribution Bulgaria [BUL: CEZD] net profit increase

Power grid operator CEZ Distribution Bulgaria [BUL: CEZD] said that its consolidated net profit jumped to 54.3 million levs ($31.3 million/27.8 million euro) in 2021 from 40.4 million levs the year before.

The company's revenue increased to 419.1 million levs in 2021, up from 383.6 million levs a year earlier, CEZ Distribution Bulgaria said in an annual financial statement on Friday.

At the same time, the power grid operator’s expenses went up to 358.8 million levs from 338.4 million levs.

In November, CEZ Distribution said that the majority stake in its capital held by Dutch-based Eastern European Electric Company (EEEC), a wholly-owned unit of energy and insurance group Eurohold Bulgaria [BUL:EUBG], increased to 88.19%, following the closing of a buyout deal with minority shareholders. Prior to the buyout process, EEEC controlled a stake of 67%.

Shares in CEZ Distribution Bulgaria last traded on the Sofia bourse on Thursday, when they closed 4.11% lower at 280 levs.

CEZ Distribution Bulgaria operates the power grid in Sofia Region and parts of western and
northern Bulgaria.

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