The Montenegrin Electric Transmission System (CGES) achieved a net profit of 10 million euros for the first six months, the Port of Kotor was in the plus for half a million for the same period, while the Railway Transport continued its loss-making operations and achieved a loss of 346 thousand euros.
This is shown by the reports on the operations of these state-owned companies for the period January - June 2024.
This is a worse result for CGES because in the same period last year it had a profit of 18,2 million euros.
This company, in which the state has 55 percent ownership, manages the electric transmission energy system of transmission lines and substations, as well as the submarine cable for Italy, and on the basis of fees for issuing their use, which are also on electricity bills, they generate income.
For the six months of this year, CGES achieved a business income of 45 million euros, which is 12 million less than for the same period last year, which indicates a smaller cross-border transmission of electricity. For the same period, business expenses were reduced from 31 to 26,5 million euros, while salary expenses increased from 3,2 to 5,5 million euros.
The accumulated profit of this state-owned energy company from previous years at the end of June was 100,1 million euros.
Port of Kotor, which is majority-owned by the Municipality of Kotor with almost 57 percent of the shares, achieved a slightly worse result because it had a profit of 498 thousand euros in six months, while for the same period last year it was worth 529 thousand euros.
In the first half of the year, this company had business income from sales in the amount of 1,88 million euros, which is about 400 thousand euros more than last year. However, last year, in this period, the Port also had revenues based on the value adjustment of assets of 658 thousand euros, which were not there this year, as well as 868 thousand euros of other revenues, which this year were at the level of 91 thousand euros.
Operating expenses were reduced from last year's million euros to 577 thousand, while salary expenses were increased from 559 to 613 thousand.
Unallocated profit of the company at the end of June was worth 2,45 million euros. This year, on the basis of last year's net profit of 1,78 million euros, the Port of Kotor distributed a dividend of 715 thousand euros to its shareholders, as well as a bonus to employees and members of the board of a total of 120 thousand euros.
Last year, railway transport had a loss of 154 euros for the first six months, and now it has increased it to 346 euros, despite the fact that it had higher revenues from sales and more money from grants from the state budget.
Revenues from sales amounted to 1,72 million euros and were higher by about 300 thousand compared to the same period last year, while they received 3,36 million euros from the state for maintaining a public function, about a hundred thousand more.
Operating expenses increased from last year's 2,16 million euros to 2,26 million, and additionally, salary expenses from 2,2 to 2,7 million euros. The total accumulated loss of the company amounts to 26 million euros.
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