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Aug 30, 2023 14:31 EEST
August 30 (SeeNews) - Electricity and insurance group Eurohold Bulgaria [BUL:EUBG] said that its consolidated net profit excluding minority interests jumped to 227.2 million levs ($126.5 million/116.2 million euro) in the first half of 2023 from 67 million levs a year earlier, as it weathered the economic and geopolitical challenges in the region.
Total operating revenue declined to 2.16 billion levs from 3.24 billion levsa year ago, as a result of lower sales and operations with financial assets, Eurohold Bulgaria said in an interim financial statement on Tuesday.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) in the January-June period increased to 378 million levs from 116 million levs.
In parallel, total expenses narrowed significantly, to 1.9 million levs from 3.16 million levs, mostly on the back of lower expenses for hired services and cost of goods sold.
First-half operating revenue at Eurohold's energy arm, Electrohold, declined by a quarter on the year to 1.23 billion levs but is marking an increase in profitability due to lower electricity prices compared to the same period of 2022. Eurohold's energy operations were boosted in March by a 10-year PPA contract to supply power to mobile operator Yettel from its recently commissioned 123 MW Verila solar photovoltaic plant, whose capacity is yet to be expanded.
Operating revenue in the insurance segment more than doubled to 901.7 million levs in the wake of steps taken to address the fallout from the Romanian market regulator withdrawing the operating licence of Euroins Romania earlier this year.
"Regardless of signs pointing to a growth slowdown, we expect stronger growth in CEE markets in 2023 compared to the average in Europe and the euro area countries. We are optimistic that
the holding will also achieve good results in the remaining months of this year," Eurohold Bulgaria CEO Asen Minchev said.
As at 1328 CEST, shares in Eurohold Bulgaria traded 2.35% higher at 1.74 levs on the Sofia bourse.
(1 euro = 1.95583 levs)
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