SOFIA (Bulgaria), November 30 (SeeNews) - Finance and energy group Eurohold Bulgaria [BUL:EUBG] said on Tuesday that it recorded a consolidated net profit excluding minority interest of 959,000 levs ($557,500/490,300 euro) in the first nine months of 2021, compared to a net loss of 13.4 million levs in the same period of 2020.
Minority interest included, the group turned to a consolidated net profit of 4.3 million levs in the first nine months of 2021 from a net loss of 12.8 million levs in the comparable period of 2020, Eurohold Bulgaria said in an interim financial statement.
The group's total revenue rose to 1.79 billion levs in the January-September period from 1.20 billion levs a year earlier.
Eurohold's EBITDA in the review period nearly quadrupled to approximately 68 million levs. Expenses also increased - to 1.78 billion levs from 1.21 billion levs.
According to a bourse filing published by Eurohold on Tuesday, the group's revenue from its insurance business increased by 22% on the year to approximately 1.3 billion levs in the January-September period. Revenues from insurance premiums of the group's subsidiary Euroins Insurance Group (EIG) grew by 26% year-on-year to 830 million levs.
The company's consolidated interim statement is including two months of the performance of CEZ Group’s subsidiaries in Bulgaria which were acquired by Eurohold Bulgaria at the end of July, the company noted.
The energy companies generated 18.4% of the total revenues of Eurohold Bulgaria for the review period. The full contribution of the recently acquired companies will be evident next year, Eurohold noted.
Earlier this year, Eurohold Bulgaria completed the acquisition of the local assets of Czech energy group CEZ for 335 million euro ($380.6 million). Through its wholly-owned subsidiary Eastern European Electric company, it acquired 67% interest in electricity distributor CEZ Distribution Bulgaria and power supplier CEZ Electro Bulgaria [BUL:CZD], as well as 100% of the shares of licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass-fired power plant Bara Group, and CEZ Bulgaria, the coordinator of CEZ Group’s units in Bulgaria. The majority stakes held by Eastern European Electric Company in CEZ Distribution Bulgaria and CEZ Electro Bulgaria will increase to 88.2% and 69.3%, respectively, after its buyout deals with minority shareholders are closed.
The other business lines of the holding company - car sales, leasing, and financial-investment activity - also generated higher revenues and operating profit in the review period.
At the end of September, Eurohold's assets doubled compared to the end of 2020, to about 3.2 billion levs. The company's equity increased four times to nearly 550 million levs.
Sofia-based Eurohold Bulgaria is an independent business group active in Central and Eastern Europe, Southeastern Europe, as well as in the Commonwealth of Independent States. Eurohold owns Euroins Insurance Group (EIG) which operates in 11 countries and has subsidiaries in Bulgaria, Romania, North Macedonia, Ukraine, Georgia, Russia and Belarus. EIG also operates in Greece and Poland, and has niche insurance operations in Spain and Italy.
As at 12:00 CET on Tuesday, shares in Eurohold Bulgaria traded 0.92% lower at a price of 2.16 levs on the Bulgarian Stock Exchange, bourse data showed.
(1 euro = 1.95583 levs)