Eurohold, the parent company of Euroins Romania, recorded 4 times higher total revenues in the first half (H1), with energy businesses generating revenues of 839 million euro (BGN 1.64 billion) and an EBITDA of 68.8 million euro (BGN 134.6 million), according to a press release.
Thus, Eurohold Bulgaria AD reported record half-year results in 2022, thanks to the strong performance of the company’s two main businesses – electricity and insurance, according to the company’s consolidated interim financial statement.
Total revenues increased almost 4 times, reaching 1.62 billion euro (3.17 billion BGN) in the January-June period, an absolute record value in the history of the holding company. EBITDA and net profit amounted to more than 86 million euro (BGN 170 million) and about 37 million euro (BGN 73 million) in the first half of 2022, which also represented a record value in history for these indicators.
Eurohold’s energy business, which operates under the Electrohold brand, contributed the most to the good results. This accounted for more than half of total revenue and more than 70% of the holding company’s profit before interest, tax, depreciation and amortization, before accounting for parent company results and intragroup disposals.
The insurance business, brought together in Euroins Insurance Group (EIG), contributed significantly to the growth. The volume of EIG premiums increased by 73% per year, up to 452.8 million euros (885.6 million BGN). Eurohold’s gross income from insurance operations almost doubled to EUR 777.8 million (BGN 1.52 billion). The holding company recorded a net profit of approximately EUR 25.4 million (BGN 50 million) from insurance activities.
Eurohold has completely and definitively given up its activities in the automotive and leasing fields. Euro-Finance AD, the company specializing in investments and brokerage services, remains part of the holding structure.
“In difficult times for every industry, marked by the ongoing war conflict in Ukraine and the highest inflation in the last 25 years, Eurohold recorded the best results in history and continued its sustainable development. Our performance have exceeded initial expectations. Our success figures over the past year and a half have proven that we have followed an appropriate direction and development strategy. The business model we have designed, which is based on two main pillars – energy and insurance – it shows its strengths precisely in the most difficult periods. The solid half-year results make us confident that we can achieve good operational performance even in the event of an unfavorable economic development in the coming months,” said Kiril Boshov, Chairman of the Board of Directors of Eurohold.
