Alfa Communications, June 1, 2022

Eurohold Headquarters

  • Revenue more than quadrupled to BGN 1.67 billion 
  • Operating profit (EBITDA) soared nearly tenfold to BGN 92 million
  • Assets went up by 7.4% to approx. BGN 4.8 billion
  • Premium income of Euroins Insurance Group grew by 88% to BGN 469 million

The largest public holding in Bulgaria and one of the leading energy and financial groups in Southeast Europe – Eurohold Bulgaria, reported record-breaking revenue and nearly thirty times increase in its profit in the first quarter of 2022, according to the company’s consolidated interim financial statement. 

Total revenue more than quadrupled to above BGN 1.67 billion in January-March. The growth was mainly due to the consolidation of the results of the former CEZ Group’s subsidiaries in Bulgaria, which were acquired by Eurohold in July 2021. These units are currently operating under the brand of Electrohold Bulgaria. The energy business accumulated a little over half of the group’s total revenues in the first quarter of 2022. The growth in premium income from insurance activity, generated by Euroins Insurance Group (EIG) on the newer markets of the group, also contributed to the growth. 

The energy business played a major role in the increase of the holding’s profitability. Operating profit (EBITDA) from this activity exceeded BGN 71 million for the period. Insurance operations’ profitability also improved significantly – the operating profit generated by this line more than doubled to BGN 20.35 million. The holding’s total EBITDA exceeded BGN 92 million, which is a tenfold increase compared to the previous period. Net profit reached nearly BGN 37 million in the first three months of the year, which is many times higher than the same period in 2021. 

The holding’s assets went up by 7.4% on a yearly basis to almost BGN 4.8 billion. 

“We started the year very positively in the two key lines of our business and in this way we continued our good performance achieved in 2021. We have yet to feel the challenges we have been facing since the end of February due to the conflict in Ukraine. We believe that our business is well structured to meet these challenges. We will strive to keep the positive growth rate for the rest of the year while complying with the uncertainty in Eastern Europe and fragile economic growth – factors that would impact almost every business in the upcoming periods. The most important is that we managed to protect our colleagues in Ukraine as well as their families which we accommodated in Bulgaria. Our business in Ukraine is still operating at a slower rate and in the areas less affected by the war”, commented Kiril Boshov, Chairman of the Management Board of Eurohold

The subsidiary of Eurohold EIG, owns two insurance companies in Ukraine – Euroins Ukraine and European Travel Insurance Ukraine, which have not ceased operations and are operating even now in spite of the current situation in the country. The shares of the two companies in the group’s total assets are relatively small – less than 5%. Most of the employees of the two Ukrainian companies and their families were evacuated to Bulgaria immediately after the start of the conflict. They are working remotely now. 

The other smaller business lines of the holding generally contribute positively to the group’s results.

Consolidated results of Eurohold for January-March 2022

Revenues EBITDA Net profit
Segments Q1.2022 Q1.2021 Change Q1.2022 Q1.2021 Change Q1.2022 Q1.2021 Change
000’BGN 000’BGN % 000’BGN 000’BGN % 000’BGN 000’BGN %
Insurance 771 815 375 402 105.60% 20 350 8 747 132.65% 17 303 5 798 198.43%
-gross written premium 469 033 249 469 88.01%
Energy 883 274 71 155
Others 19 135 15 019 328.83% 1 741 971 79.30% 90 389 -76.86%
Total subsidiaries 1 674 224 390 421 328.83% 93 246 9 718 859.52% 43 247 6 187 599%
Parent company 527 621 -15.14% -1 208 -191 -6 431 -4 997
Total without eliminations 1 674 751 391 042 328.28% 92 038 9 527 866.08% 36 816 1 190 2993.78%
Intragroup eliminations 2 027 -2 131  34 357 57 14 307.14%
Total with eliminations 1 672 724 388 911 330.1% 92 072 9 884 831.53% 36 873 1 204 2962.54%

Source: Consolidated statement for the period