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Bulgarian Energy Holding's 2021 profit up eightfold, revenue doubles

Bulgarian Energy Holding's 2021 profit up eightfold, revenue doubles Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

Bulgarian Energy Holding (BEH), which pools state-owned energy companies, said that its unaudited consolidated net profit soared to 1.25 billion levs ($681.5 million/639.1 million euro) in 2021 from 157.2 million levs a year earlier.

BEH's revenue doubled over the same period to 11.2 billion levs, largely due to notable increases in revenue from the sale of electricity and natural gas, the company said in a condensed financial statement dated May 18 and published on its website.

Expenses at the holding also rose across the board in 2021, with significant increases in expenses for materials, by 23.8% year-on-year to 364.8 million levs, and in personnel costs, by 8.3% to 1.03 billion levs.

The company's assets increased to some 24.5 billion levs at end-December 2021 from around 20.4 billion levs at the end of the previous year.

BEH comprises state-owned companies active in electricity generation, supply and transmission; natural gas transmission, supply and storage; and coal mining. Its portfolio includes public natural gas supplier Bulgargaz and gas network operator Bulgartransgaz as well as nuclear power plant Kozloduy and the National Electricity Company (NEK).

(1 euro = 1.95583 levs)

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