Montenegrin electricity transmission system operator, CGES, reported a net profit of 24.8 million euros in 2024, marking a decline from the previous year’s net profit of 35.7 million euros. The company’s net sales for the year amounted to 97.7 million euros, a 9.9% decrease compared to 2023. Despite the drop in revenue, operating expenses were reduced by 3.8%, totaling 58.2 million euros. The purchase cost of goods sold stood at 40.2 million euros, while salaries, benefits, and other personnel expenses accounted for 10 million euros.
CGES’s total assets increased by 3.5% from the end of 2023, reaching 365.2 million euros by the end of 2024. Retained earnings amounted to 104.9 million euros. Long-term liabilities were recorded at 38.5 million euros, with short-term liabilities reaching 29.6 million euros.
The Government of Montenegro owns a 55% stake in CGES, while the Italian company Terna holds 22.09%. Serbian electricity transmission system operator EMS became a shareholder in CGES in December 2015, acquiring about 10% of the company’s shares for approximately 13.9 million euros. EMS later increased its stake by an additional 5% in January 2021.
