June 21, 2024
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HomeUncategorizedMontenegro: EPCG’s EBITDA expected to reach 80 million euros

Montenegro: EPCG’s EBITDA expected to reach 80 million euros

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The EPCG group is anticipated to report a profit before tax of over 80 million euros for the previous year, as stated by Milutin Đukanović, the Chairman of the Board of Directors.

Speaking on the morning program of TV Vijesti, Đukanović disclosed that EPCG is projected to achieve a pre-tax profit of 65 million euros for the previous year.

According to him, the Pljevlja Coal Mine is set to record a pre-tax profit of 18 million euros, while the Montenegrin Electric Distribution System (CEDIS) is expected to reach three million euros. On the other hand, EPCG’s Solar Construction is forecasted to have a deficit of two million euros, although Đukanović clarified that this represents a “pure debt to the Electric Power Industry,” as reported by the Vijesti portal.

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Meanwhile, the EPCG-Zeljezara Nikšić is projected to have a deficit of three million euros.

Đukanović underscored that the figures are being shared cautiously, as they plan to engage an external auditor.

“After aggregating all the figures, the pre-tax profit should exceed 80 million euros. Our accounts reflect 80 million euros. The Electric Power Industry is progressing in the right direction, with favorable balance sheets,” asserted Đukanović.

He further mentioned that in the first three months, they exported electricity worth 30 million euros.

“We are awaiting opportune moments to procure deficits. The crux lies in boosting production from renewable sources. This will subsequently reduce the need for importing electricity,” Đukanović elaborated.

Regarding the Ironworks, Đukanović emphasized it’s deserving of a chance.

“While we could opt to sell it, pay severance packages, and still have a substantial sum remaining, we have chosen not to do so. Instead, we have initiated a public call. Despite some investors not meeting certain technical requirements, we have announced a fresh call, with a 15-day deadline, to lease the Steelworks and Foundry,” revealed Đukanović.

He declined to discuss the scenario should the competition fail, emphasizing that both the Ministry and the Electric Power Industry have a clear strategy. He urged patience in striving for results, asserting readiness for adverse scenarios, affirming that neither EPCG nor the state will incur any losses in such circumstances.


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