Montenegro’s electricity transmission system operator CGES posted a net profit of 7.7 million euros in the first quarter of 2025, nearly doubling the 3.9 million euros recorded in the same period last year.
According to the company’s financial report, net sales in the first three months of 2025 reached 25.9 million euros, representing a 12.6 percent increase compared to the same period in 2024. Operating expenses rose slightly by 1.8 percent, totaling 17.1 million euros. The cost of goods sold amounted to 10.9 million euros, while personnel-related expenses, including salaries and benefits, reached 2.1 million euros.
By the end of March 2025, CGES reported total assets of 367.6 million euros, marking a 0.7 percent increase compared to the end of 2024. Retained earnings stood at 112.6 million euros. Long-term liabilities were reported at 39.9 million euros, and short-term liabilities at 20.5 million euros.
The ownership structure of CGES includes the Government of Montenegro, which holds a 55 percent stake, and Italian transmission system operator Terna, which owns 22.09 percent. Serbian transmission operator EMS became a shareholder in late 2015 after acquiring around 10 percent of CGES shares on the Montenegrin Stock Exchange for approximately 13.9 million euros. In January 2021, EMS increased its stake by an additional 5 percent.
