Montenegro's EPCG eyes 80 mln euro in 2023 pre-tax profit

These are still preliminary figures, while the announcement of the final results is pending a review by an external auditor, Djukanovic told TV broadcaster Vijesti in an interview.

EPCG's pre-tax profit is seen at 65 million euro in 2023, while its subsidiaries - Pljevlja-based mining company Rudnik Uglja and the country's power grid operator Crnogorski Elektrodistributivni Sistem (CEDIS), recorded pre-tax profits of 18 million euro and 3 million euro for last year, respectively, Djukanovic noted.

At the same time, EPCG's remaining two units - solar array builder EPCG Solar Gradnja and troubled steel mill EPCG Zeljezara Niksic, reported losses of 2 million euro and 3 million euro, respectively, for 2023.

Djukanovic pointed out that the loss of EPCG Solar Gradnja comes from its unpaid loans to its parent EPCG, noting the former has no other outstanding obligations.

He also said that EPCG remains determined to find a strategic partner to revive production at EPCG Zeljezara by publishing on Thursday a new tender for the lease of its production assets.

Earlier in March, EPCG Solar Gradnja said its revenue rose 84% on the year in the first two months of 2024, reaching 933,000 euro. The two-month revenue is also 23% above plan.

EPCG posted a net profit of 4 million euro in 2022, down from a profit of 78.5 million euro in the previous year.

($ = 0.925 euro)