Bulgarian Energy Holding 9-mo net profit shrinks 36% y/y

In January-September, BEH generated a total operating profit of 812.7 million levs, down from 951.2 million levs a year earlier, the company said in a preliminary unaudited financial statement.

Dividend income declined to 630.5 million levs in the nine months through September from 961.9 million levs in the prior-year period, while financial revenue plunged to 155.6 million levs from 545.9 million levs.

At the same time, the company paid out some 1.44 billion levs in dividend to the state budget in the review period against 190.7 million levs a year earlier.

Expenses for hired services went down 54% year-on-year to 1.55 million levs, whereas personnel costs jumped by an annual 33% to 6.77 million levs, the statement showed.

BEH holds a group of Bulgarian state-owned companies which are active in electricity generation, supply and transmission, natural gas distribution, supply and storage, and coal mining. Subsidiaries include nuclear power plant operator Kozloduy, Electricity System Operator (ESO) and gas grid operator Bulgartransgaz. BEH also owns a 50% stake in ICGB, the independent transmission operator of the Greece-Bulgaria interconnector.

Last month, the General Court of the EU annulled a 2018 decision by the European Commission, which imposed a 77 million euro ($82.3 million) fine on BEH for abusing its dominant position on the gas supply market in Bulgaria, according to an earlier statement by the EU's Court of Justice.

(1 euro = 1.95583 levs)