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Montenegro, The profit of Elektroprivreda energy company at the end of last year was EUR 4.28 million

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The profit of Elektroprivreda (EPCG) at the end of last year was EUR 4.28 million, the data is from the financial report of the state energy company.

The achieved result is 90% or EUR 43 million worse compared to the previous year, primarily due to the drastic increase in electricity prices in the summer months, when EPCG predominantly imports electricity.

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Commenting on the achieved result, the president of the Elektroprivreda Board of Directors, Milutin Đukanović, told TVCG that despite the impossible conditions, they performed positively.

– It should be known that on December 31, the reservoirs had an excess of 100 GWH compared to the plan. If we wanted to sell it in 2022, we would earn another 10 million EUR, so our profit would be 15 million. We were responsible and we sold it this year and earned 25 million. Also, we did not book the assets of Željezara, which would have increased our profit by 33 million. Because of all that, I think that the result on March 31 this year will be much more interesting and incomparably better for us – said Đukanović.

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Last year, the company had a total revenue of EUR 541.8 million, while expenses were EUR 536.8 million. Operating expenses were 507.1 million, salary expenses 26.5 million, and other business expenses 1.9 million. Sales revenues increased by 44% to 516.5 million, but operating expenses were also significantly higher, amounting to 507 million, which is 59% more than the year before. At the end of 2022, the company had 1,160 employees, 185 more than the year before.

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