site.btaEurohold Reports Nearly BGN 1.52 Bln Revenue, Profit for Q1, 2023
Eurohold Bulgaria AD recorded an increase in its financial results in the first quarter of 2023, according to the company's consolidated report for the period, distributed by the holding and uploaded late Friday night on the Stock Exchange website.
For January-March, Eurohold reported total revenues of nearly BGN 1.52 billion and earnings before interest, taxes, depreciation and amortization (EBITDA) of BGN 326.5 million. The net financial result was approximately BGN 264 million, the company writes.
The power business, which operates under the Electrochold brand, improved its overall profitability despite falling open market prices compared to the first quarter of 2022. In March, Electrohold entered into a 10-year contract with Yettel and CETIN-Bulgaria to supply electricity from renewable sources. A major part of the consumption under this contract will be supplied by the 124 MW Verila photovoltaic plant, the largest so far in Bulgaria.
Romania excluded, Eurohold's insurance business, concentrated in Euroins Insurance Group S.A. (EIG), is developing steadily. In March, the group's Romanian insurer's licence was revoked by the local regulator, which the company's management has already said was done illegally, in violation of European law and will be challenged in court, the company says.