Czech power company says its net profit reached $1.32 billion in 2024

PRAGUE — The Czech power company CEZ said Thursday its 2024 net profit reached 30.5 billion Czech koruna, or crowns, ($1.32 billion), up from 29.6 billion koruna the previous year and higher than the company expected.

CEZ previously said it expected net profit for the full year to total 26 billion to 30 billion Czech crowns.

“Our performance exceeded expectation,” CEZ chief executive Daniel Beneš said.

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

CEZ said it expects the dividends between 35 and to 47 Czech crowns per share.

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

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 in its power plants.