Most state-owned companies are doing significantly better this year than they were in the comparative period of the pre-crisis 2019.
This, as Vijesti writes, shows that the consequences of the pandemic are being felt less and less, but also that the new managements of the companies have achieved better results than in the record-breaking year 2019.
Among the shareholder companies, according to the submitted quarterly and half-yearly reports, the Port of Bar, Montecargo, Montenegrin Electric Transmission System (CGES), Railway Transport, Montenegrin and Bar Navigation, Railway Infrastructure, Plantations have significantly better balance sheets.
The energy companies Elektroprivreda (EPCG) and Rudnik Uglja have worse results, due to higher costs for importing electricity and a break in the operation of the Thermoelectric Power Plant, but also an increase in salary costs, as well as Hotelska grupa (HG) Budvanska Riviera, where visits at the level of the first six months were not was at the level of the same period in 2019.
The new management of Luka Bar achieved an incredible business success because in six months it generated an income of 11.6 million EUR, while the net profit was 5.2 million.
In the comparative period of 2019, the company’s revenue was EUR 4.3 million, and the net profit was only EUR 358 thousand, i.e. the current profit is 15 times higher.
The revenues of the Port of Bar for these six months alone are higher than for the whole of 2019, when they amounted to EUR 9.1 million, or for the whole of 2018, when they were EUR 8.6 million.
The net profit of this company in the whole of 2019 was EUR 930 thousand, while in 2018, due to the correction of the balance sheet, losses of EUR 22 million were shown, which were not recorded before.
Great results were also achieved by the state-owned company for freight rail transport Montecargo, which after several years of operating at a loss made a profit.
This company had an income of four million EUR in six months, while in the same period of 2019 it amounted to EUR 3.2 million.
That year, Montecargo had a loss of EUR 591 thousand, while now in the same six months, a profit of EUR 386 thousand was realized, that is, the income statement improved by almost EUR million.
It was similar in passenger railway transport, which in six months of this year had an income of EUR 4.3 million, while in the same period of 2019 it amounted to EUR 3.5 million.
In the first half of three years ago, this company had a loss of EUR 754 thousand, while now it was in the surplus of EUR 231 thousand.
In this period of 2019, the railway infrastructure had an income of seven million EUR, while in this year’s half-yearly report it amounted to EUR 7.9 million.
Business loss was reduced from EUR 760 thousand to EUR 618 thousand.
All three railway companies have a large burden of debts and losses from earlier periods, which were increased during the previous two crisis “covid years”.
The accumulated loss of Railway Infrastructure amounts to EUR 35.5 million, Railway Transport EUR 26.7 million, and Montecargo EUR 8.3 million.
In six months of this year, CGES achieved a revenue of EUR 53.5 million and a net profit of EUR 10.7 million.
In the same period of 2019, when the power cable for Italy had not yet been put into operation, the company had a revenue of EUR 19.5 million and a net profit of EUR 1.8 million.
Undistributed profit of CGES at the end of June this year amounted to EUR 52.8 million.
EPCG made a profit of EUR 6.5 million in six months of this year, and it was significantly reduced because the Thermal Power Plant was out of operation in April and May, while in May and June the operation of hydropower plants was significantly reduced due to the lack of rainfall.
In the same period of 2019, EPCG had a profit of EUR 13.3 million.
In six months, the coal mine had an income of EUR 20.7 million, which is EUR 4 million more than in the same period of 2019.
However, now the profit was only 53 thousand EUR, and three years ago it was 1.4 million.
However, costs have increased significantly in this comparative period.
The company stated that the increased costs are due to the need for more excavation, procurement of machinery and overhaul.
The Budva Riviera had just recovered from the drop in income due to the covid-19 pandemic, and this year it lost its once most important guests from Russia and Ukraine, due to the war between those two countries that has been going on since February this year.
The total revenues of this state-owned hotel group for six months amounted to EUR 3.7 million, while in the comparative period of 2019 they were EUR 6.7 million.
At the end of June, the loss of the Budva Riviera amounted to EUR 3.4 million, while for those six months of 2019 it was EUR 1.8 million.
In six months of this year, Marina Bar had an income of EUR 459 thousand, about one hundred thousand less than in the same period three years ago.
The reason may also be the smaller presence of yacht owners from Russia and Ukraine, but the net profit at the end of June in both years was the same and amounted to EUR 156 thousand.
In state ownership, directly and indirectly, there are several companies that are registered as sole proprietorships and limited liability companies. They have the obligation to publish only annual financial reports by the end of March of the following year, so that their business results will be known then.
The Montenegrin Electric Distribution System (CEDIS) will most likely have a significant loss due to the dispute over regulated electricity prices, which, in order to cover technical losses, must buy from EPCG at double the prices compared to what it can compensate for from customers.
Airports can expect lower income than in 2019, primarily due to the loss of passengers from Russia and Ukraine.
Monteput will have a higher income because from the middle of July, in addition to passing through Sozina, it also started collecting tolls on the Podgorica – Mateševo highway section, but this does not mean that it will have a profit at the end of the year due to the large costs for equipping the highway with installations and the necessary machinery, local media writes.