Czech power company CEZ says its net profit in the first half of 2024 totaled $912 million, down 5%

PRAGUE (AP) — The dominant Czech power company CEZ said on Thursday its net profit totaled 21.1 billion Czech crowns ($912 million) in the first half of the year, down 5% from the same period a year earlier.

CEZ attributed the result to lower profits from commodity trading and the impact of maintenance of its two nuclear power plants.

It said it expects net profit for the entire year to total 25 billion to 30 billion Czech crowns.

The Czech state has an almost 70% stake in the company.

CEZ’s 2023 net profit was 29.6 billion Czech crowns, down more than 63% from the previous year, which saw record profits.

The country’s main electricity producer attributed the decline to a windfall tax on profits introduced as energy prices rose.

In 2022, the company’s profit soared on an enormous rise in prices caused by the Russian invasion of Ukraine, higher profits from commodity trading on foreign markets and high operational reliability of its power plants.

That resulted in record dividends of 145 Czech crowns per share.

CEZ previously said it expected dividends between 39 and 52 crowns per share.