Montenegrin electricity transmission system operator CGES reported a net profit of 16.7 million euros for the first nine months of 2025, slightly lower than the 17.4 million euros recorded during the same period last year.
The company’s net sales reached 69.3 million euros, representing a 2.8 percent decrease compared to the same period in 2024. Meanwhile, operating expenses rose by 1 percent, totaling 42.3 million euros. The purchase cost of goods sold amounted to 28 million euros, while salaries, benefits, and other personnel-related expenses reached 5.6 million euros.
As of the end of September 2025, CGES’s total assets stood at 365.6 million euros, marking a marginal increase of 0.1 percent compared to the end of 2024. The company reported retained earnings of 115.6 million euros, long-term liabilities of 42.7 million euros, and short-term liabilities of 15.3 million euros.
The ownership structure of CGES remains dominated by the Government of Montenegro, which holds a 55 percent stake. Italian transmission system operator Terna owns 22.09 percent of the company. Serbian electricity transmission system operator EMS became a shareholder in late 2015 after acquiring around 10 percent of CGES shares for approximately 13.9 million euros through the Montenegrin Stock Exchange. EMS increased its stake by an additional 5 percent in January 2021.
