ČEZ’s profit down in Q1, state to get CZK 44bn dividend

Published: 12.05.2023 Related countries:  United Arab Emirates United Arab Emirates

ČEZ Group reported a net profit of CZK 10.8bn for 1Q23, down nearly 60% y/y.

EBITDA reached CZK 32.5bn (-11.1%). Electricity production from emission-free renewable and nuclear sources increased by 6% to 9.4 TWh. Production from emission-free coal and steam-gas sources fell by 22% to 4.7 TWh. Consumption of electricity in the distribution territory of ČEZ Distribuce fell by 5% to 9.4 TWh. The Group has refined its outlook for the full year 2023: it expects EBITDA of CZK 105-115bn and net profit adjusted for extraordinary effects of CZK 33-37bn. The board of directors approved a proposed dividend of CZK 117 per share for 2022. This could result in a distribution of nearly CZK 63bn to shareholders, of which the Czech Republic as the majority shareholder would receive CZK 44bn. The entire group will pay more than CZK 100bn to the Czech state this year thanks to extraordinary taxation on dividends, income taxes and production sales taxes.

Source: CIA News