CGES (Crnogorski Elektroprenosni Sistemi), the Montenegrin electricity transmission system operator, reported a net profit of 17.4 million euros for the first nine months of 2024, down from 26.2 million euros during the same period in 2023. The company’s net sales for the period were 71.3 million euros, a 13.6% decline compared to the first nine months of 2023.
Operating expenses were reduced by 7.5%, reaching 41.9 million euros. Purchase costs amounted to 28.6 million euros, while salaries and personnel expenses totaled 8 million euros. Despite the profit decline, CGES saw a 1.6% increase in total assets, which stood at 358.4 million euros at the end of September 2024. Retained earnings amounted to 97.4 million euros. Long-term liabilities were 51.6 million euros, and short-term liabilities were 16.6 million euros.
The ownership structure of CGES remains largely unchanged. The Government of Montenegro owns 55% of the company, while Terna, the Italian transmission operator, holds 22.09%. Serbia’s EMS, which purchased a 10% stake in 2015 and another 5% in 2021, owns a total of 15% of CGES.
