ČEZ net profit for the first half of the year is 33.6 billion

Petr Horník

ČEZ Energy Group had a net profit of CZK 33.6 billion for the first half of the year, up by CZK 32 billion years on year. Operating income rose 21 percent to CZK 130.5 billion.

Operating profit before depreciation and amortization (EBITDA) rose by CZK 27.7 billion year-on-year to CZK 59.3 billion. It was affected by, among other things, a considerable increase in commodity prices on wholesale markets, according to the group. The group said in a press release on Tuesday.

In addition to operating effects, the company said the rise in net profit was also due to a CZK 11.6 billion loss last year related to asset impairment charges.

ČEZ expects full-year net profit this year to be between CZK 60 billion and CZK 65 billion.

“The current full-year profit forecast indicates a record dividend for shareholders. If the dividend is set at the upper end of the dividend policy range, CZK 48bn to CZK 52bn would be distributed to shareholders. For the majority shareholder, the Czech Republic, this would mean an income of CZK 34 to 36 billion,” said Daniel Beneš, Chairman of the Board of Directors and CEO of ČEZ.

In the first half of the year, electricity production from renewable and nuclear sources rose by one percent year-on-year to 16.8 TWh. On the other hand, production from coal and steam-gas sources fell by six percent to 10 TWh due to lower production at the Počerady power plant.

Consumption fell

Electricity consumption in the distribution territory of ČEZ Distribuce fell by four percent year-on-year and by two percent if recalculated in climatic and calendar terms.

Large enterprises consumed two percent less electricity, while households consumed 11 percent less. This was mainly due to above-average temperatures in the first half of this year. People also worked from home more often in the first half of last year because of the epidemic of covid.