Eurohold reported biggest half-year profits and revenues in company's history

31 August 2022 — Andrei Victor
Bulgarian energy and financial group Eurohold reported record half-year results in 2022 due to the strong performance of the company's two main businesses - electricity and insurance, according to the company's consolidated interim financial statement.

Total revenue nearly quadrupled to BGN 3.17 billion (~EUR 1.62 billion) in January-June 2022, "an absolute record-high value in the history of the holding company".

EBITDA (earnings before interest, taxes, depreciation and amortization) and net profit amounted to over BGN 170 million (~EUR 87.17 million) and approx. BGN 73 million (EUR 37.43 million), respectively, in the first half of 2022, which was also a "record-breaking value on these indicators in history".

Eurohold's energy business, operating under Electrohold brand, contributed most to the good results. It accumulated more than half of the total revenue (BGN 1.64 billion) and over 70% of the holding's EBITDA (BGN 134.60 million).

The insurance business, united in Euroins Insurance Group (EIG), also contributed significantly to the growth. Premium volume of EIG increased by 73% on the year to BGN 885.6 million (~EUR 454 million). Eurohold's gross revenue from insurance operations nearly doubled to BGN 1.52 billion. The holding posted a net profit of approx. BGN 50 million (EUR 25.5 million) from insurance activities.

Eurohold has fully and finally divested from the automotive and leasing business in the past period. Euro-Finance AD, a company specialized in investments and brokerage services, remains part of the holding's structure.

"In challenging times for every industry, marked by the ongoing war conflict in Ukraine and the highest inflation for the last 25 years, Eurohold has posted its best ever results and continued its sustainable development. Our performance has exceeded the initial expectations. Our successful figures over the past year and a half have proved that we have been following a proper direction and development strategy. The business model we have projected and which steps on two main pillars - energy and insurance, shows its strengths exactly in the most challenging periods. The strong half-year results make us feel confident that we can achieve good operating performance even in case of unfavorable economic development in the forthcoming months", commented Kiril Boshov, Chairman of the Management Board of Eurohold.

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