Eurohold reports strong 9 months results after partial consolidation of the newly acquired energy units

6 December 2021 — Andrei Victor
Bulgarian financial and energy group Eurohold Bulgaria, has reported a solid growth in its financial results and significantly improved its profitability for the first nine months of 2021, showed the company's consolidated interim statement, including partially (2 months) the performance of CEZ Group's subsidiaries in Bulgaria acquired by the holding at the end of July.

In January-September 2021 the total revenues of urohold reached BGN 1.78 billion, up by 49% compared to the same period in 2020. The energy companies generated 18.4% of the total revenues of the group for the period, as their full contribution would be evident next year.

urohold's gross operating profit increased by a little over 123% on the year to BGN 157.1 million. EBITDA nearly quadrupled compared to the first nine months of 2020 to approximately BGN 68 million. The final net financial result is positive for the first nine months of 2021 and amounts to BGN 4.35 million.

urohold's assets doubled compared to December 2020 and already exceeded BGN 3.2 billion. The company's equity increased four times to nearly BGN 550 million.

"The integration of the newly acquired energy companies is successful and our results in this business segment will further grow. Other business segments are also developing well. Eurohold has already regained its positions from the pre-COVID pandemic period in insurance and financial-investment services and to some extent in the other market segments," said Kiril BOSHOV, chairman of urohold's management board.

In July 2021, urohold's unit - Eastern European Electric Company B.V. (EEEC), acquired seven subsidiaries of Czech energy group CEZ in Bulgaria for EUR 335 million. As a result of the transaction, urohold became a majority owner of the largest power grid operator, the biggest power supplier and the largest licensed electricity trader in Bulgaria. EEEC also acquired an IT services company, a solar park, a biomass-fired power plant, as well as the company that used to coordinate the operations of all CEZ Group's units in Bulgaria.

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