Last year, the Electric Power Company of Montenegro (EPCG) reported a profit after tax exceeding 10.23 million euros, according to the company’s announcement.

The regular Shareholders’ Assembly of EPCG convened today in Nikšić, presided over by Executive Director Ivan Bulatović, where a total of 13 agenda items were addressed.

EPCG confirmed that the proposal to adopt the company’s financial statements for the previous year, complete with notes and the draft opinion from auditor BDO, was approved by a majority vote from shareholders present who were entitled to vote.

The auditor noted that EPCG management effectively maintained liquidity and creditworthiness last year, improved collection rates, and increased the number of regular payers, all while keeping electricity prices stable for both citizens and businesses.

The statement highlighted that these results were achieved through high professionalism among the Board of Directors, management, and staff.

EPCG also reported that the Assembly approved the consolidated financial statements for the last year, indicating that the net result of the EPCG Group reached 12,002,144 euros.

“Shareholders supported the resolution to adopt the EPCG business report for last year by a majority vote,” the statement added.

The company’s total revenue for the previous year was 440,385,520 euros, with operating revenue amounting to 424,147,106 euros and financial revenue accounting for 16,238,414 euros.

“Total expenses were recorded at 430,154,824 euros, which includes operating expenses of 390,993,091 euros, salary expenses of 31,032,450 euros, other operating expenses of 1,719,671 euros, financial expenses of 2,038,493 euros, value adjustment of financial assets amounting to 2,127,359 euros, and net tax expenses (current and deferred) totaling 2,243,760 euros,” the statement elaborated.

EPCG confirmed that their profit after taxes for the last year totaled 10,230,696 euros.

The report further detailed that total electricity production reached 2,942.7 gigawatt-hours (GWh), achieving 98.25 percent of the planned output, according to the company.

Reportedly, total consumption among distribution customers was 2,790.5 GWh, with 934.47 GWh procured and 1,153.79 GWh sold through both long-term and short-term trading agreements.

To cover network losses, EPCG delivered 298.78 GWh to the Montenegrin Electricity Distribution System, and 12.76 GWh to the Montenegrin Electricity Transmission System.

The company announced that capital investments for last year reached 52,861,622 euros.

“From the total amounts invoiced by suppliers and outstanding receivables from previous years, 296,545,039 euros were collected, achieving a remarkable collection rate of 99.43 percent,” the statement noted.

Specifically, 2,844,192 euros were collected from direct customers (collection rate 100.86 percent), while 293,700,846 euros were collected from distribution customers (collection rate 99.43 percent).

As of December 31st last year, EPCG had a total of 1,176 employees.

Under the fourth agenda item, a proposal concerning the distribution of profits reported as of December 31st was adopted.

The statement specified that the company’s net profit on that date was 10,230,696 euros, of which 9,207,626 euros would be transferred to retained earnings, while 1,023,069 euros would be allocated to the reserve fund.

EPCG indicated that the total undistributed profit as of December 31st stood at 70,177,149 euros.

Shareholders also approved a proposal regarding EPCG’s compensation policy, which includes a methodology for calculating variable compensation for individuals in special roles.

“The policy specifies that the President of the Board of Directors will receive 3.5 times the average EPCG salary from the previous month, while the President not engaged professionally in the Company will receive 2.5 times the average salary,” the statement explained.

The members of the Board of Directors will receive 1.0 average salary, and those who are professionally engaged will earn 2.0 average salaries.

EPCG noted that the executive director is entitled to 3.0 average salaries, while other management members may receive compensation ranging from 1.3 to 2.75 average salaries.

Upon discussing the sixth and seventh agenda points, shareholders supported the approval of the agreement for the joint development of the Gvozd 2 wind farm project and an agreement related to a loan arrangement with the European Bank for Reconstruction and Development,” stated the company.

These agreements will facilitate the continuation of the Gvozd 2 wind farm construction project, with a total investment of 25 million euros.

EPCG reported that the Assembly also adopted amendments to the Statute and the Rules of Procedure of the Shareholders’ Assembly, and shareholders were updated on electricity price discounts previously approved by the Board of Directors.

The majority of shareholders re-elected BDO as the auditor for this year.

Lastly, EPCG announced that the current members of the Board of Directors have been dismissed, with new members appointed.

“The new Board consists of Jelena Andjelic, Tahir Djonbaljaj, Milutin Djukanovic, Neven Gosovic, Simo Jokic, Dragan Loncar, and Irfan Husovic. Milutin Djukanovic was chosen as the President of the Board at the constitutive meeting,” the statement concluded.

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