Czech energy group ČEZ's net profit rose to a record CZK 80.7 billion last year, more than eightfold year on year

Energy group ČEZ’s net profit rose to a record CZK 80.7 billion last year, up from CZK 9.9 billion the year before. The result beat analysts’ estimates and the company’s forecast from November. The significant increase reflects an enormous rise in prices following Russia’s invasion of Ukraine, record profits from commodity trading on foreign markets and the high operational reliability of ČEZ’s power plants. The group announced the results today in a press release. ČEZ chief executive Daniel Beneš said the group could distribute as much as CZK 63 billion of last year’s profit to shareholders, of which the state would receive CZK 44 billion. The state holds around 70 percent of the shares through the Ministry of Finance.

Analysts had estimated net profit at around CZK 70 billion, while the company expected full-year profit of CZK 65 billion to CZK 75 billion in the autumn. “Net profit clearly exceeded investors’ expectations,” said Zdeněk Zaňka, an investment analyst at the Trhy.cz portal. The company’s previous record net profit was CZK 51.9 billion, recorded in 2009.