Alfa Communications, December 1, 2023

  • Total revenues grew to over BGN 2.75 bln (EUR 1.4 bln) 

  • Net profit increased to BGN 218 mln (EUR 111.34 mln)

One of the leading energy and financial group in Southeast Europe – Eurohold Bulgaria AD, continues to report good results in the condition of serious geopolitical and economic challenges in the region, shows the latest consolidated financial report for the nine months. 

In January-September 2023 Eurohold reported total revenues of more than BGN 2.75 bln (EUR 1.4 bln) and profit before interests, taxes and amortization (EBITDA) at the amount of BGN 415 mln (EUR 211.8 mln). The net financial result exceeds BGN 218 mln (EUR 111.34 mln). The positive performance has been due to the improvement in profitability of the holding’s energy business and the stable performance of the group’s insurance subsidiaries.  

The energy business, which operates under Electrohold brand, increased its net profit more than 25%, at lower free market prices, compared to the same period of 2022. 

Eurohold‘s insurance business, concentrated in Euroins Insurance Group АD (EIG), is also achieving good results and developing steadily. In June 2023 Fitch Ratings, one of the leading rating agencies worldwide, affirmed ‘B+’ Insurer Financial Strength Rating with stable outlook to Insurance Company Euroins AD (Euroins Bulgaria), the largest subsidiary of Euroins Insurance Group АD (EIG). The same rating was affirmed to the reinsurance company of the group – EIG Re AD. Fitch also removed both companies from Rating Watch Negative (RWN). In June Fitch confirmed ‘B’ credit rating with stable outlook for the parent company Eurohold and removed the holding from the agency’s RWN as well.  

 “Turbulent times and the growth of global conflicts are a major challenge for any company with international operations. We manage to get the best out of the conditions in which we find ourselves with the help of a clear plan and strategies that allow both flexibility of action and, at the same time, undeviating pursuit of our long-term goals. The diversification of our business by sectors, geographical location and services for ultimate customer are the basis of the good results. The effects of the war in Ukraine continue to be felt, but our quick reactions helped to keep the negatives to a minimum. Our insurance department is in the process of strengthening its structure and corporate governance. Political and economic challenges across Europe, along with renewed conflicts in the Middle East, make us observant, but we expect good developments in the last quarter of the year as well”, commented Assen Minchev, CEO of Eurohold.