The Czech state energy giant CEZ reported a 26.8 percent increase in net profit for the first half of this year, reaching 21 billion crowns (one billion dollars) compared to the same period last year.
At the same time, revenues rose by nearly 12 percent, surpassing 83 billion crowns, as stated in the announcement. CEZ attributes the profit growth primarily to acquisitions abroad, increased production, and sales margins, as further noted in the statement from the most profitable Czech company.
The leading electricity company in Central and Eastern Europe produced 13.2 percent more electricity in the first six months of this year than in the same period last year, having acquired power plants in Poland and Bulgaria. Domestic production, however, increased by just under 5.0 percent due to warmer weather at the beginning of the year. CEZ is undertaking a wave of acquisitions in the former Eastern Bloc. The company – already present in Poland, Bulgaria, and Bosnia and Herzegovina – has plans for further expansion in Slovakia, Russia, Ukraine, Bulgaria, and Romania. (Hina)
