September 5 (SeeNews) - The Bulgarian Energy Holding (BEH), which comprises state-owned energy companies, said that its unaudited consolidated net profit skyrocketed to 2.2 billion levs ($1.11 billion/1.12 billion euro) in the six months through June from roughly 162 million levs a year earlier.
BEH's overall revenue jumped 167% on the year reaching some 9.8 billion levs in the first six months of 2022, the company said in a financial report last week.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) grew fivefold to 2.8 billion levs in the January-June period.
Total expenses excluding amortisation went up to 7 billion levs in the first half of this year from 3.1 billion levs in the comparable period of 2021.
BEH owns a group of Bulgarian state-owned companies which are engaged in electricity generation, supply and transmission, natural gas distribution, supply and storage, and coal mining. Subsidiaries include nuclear power plant Kozloduy and power grid company Electricity System Operator (ESO).
In a credit opinion update in August, Moody's affirmed BEH's long-term rating of Ba1, with a stable outlook, noting its growth in earnings stemming from the sale of competitively priced power in the profitable unregulated market.
BEH is required to publish regular financial reports in connection with a 600 million, seven-year eurobond due June 28, 2025.
(1 euro = 1.95583 levs)