Czech power company CEZ expects record dividends

Nov 9, 2022, 9:56 AM | Updated: Nov 10, 2022, 12:12 am

PRAGUE (AP) — The Czech power utility CEZ said on Thursday its net profit in the third quarter reached 18.7 billion Czech crowns ($771 million), with the company again raising again its outlook for earnings for 2022.

The Czech major electricity producer said it expected the net profit adjusted for extraordinary effects for the full year to reach 65-75 billion Czech crowns, up from the 60-65 billion ir forecasted after the previous quarter.

CEZ attributed the increase to higher profit from commodity trading and higher electricity prices.

“The current full-year earnings forecast indicates a record dividend for shareholders,” Daniel Benes, CEZ’s chief executive said.

“If the dividend were set at the upper end of the dividend policy range, 52 to 60 billion crowns would be distributed to shareholders. For the majority shareholder, the Czech Republic, this would mean an income of 36 to 42 billion Czech crowns, which can be used to help households and businesses with high energy prices,” Benes said.

CEZ previously forecast a dividend for the state to reach up to 36 billion crowns. The Czech state has an almost 70% stake in the company.

Last week, the lower house of Czech Parliament approved a government plan to impose a 60% windfall tax on the energy and banking sectors, starting next year, due to their high amid the soaring prices of energy and high inflation caused by the Russian invasion of Ukraine.

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Czech power company CEZ expects record dividends