Pavel Tykac's Sev.en Global Investments returns to profit

The Sev.en Global Investments group, owned by Czech billionaire Pavel Tykac, reported a net profit of 38 million euros (roughly 930 million crowns) for last year, reversing a loss of 52 million euros the year before.

Operating profit (EBITDA) nearly doubled to 436 million euros, while the group’s revenue climbed to 2.95 billion euros (about 73 billion crowns). According to the company, the improved results were driven by new acquisitions as well as better performance at some existing assets — above all, the Delta power plant in Australia.

The group’s asset value grew by 44% over the year, reaching 3.6 billion euros. Last year Sev.en GI acquired the steel companies 7 Steel UK and 7 Steel Nordic, and increased its stake in the Callide C power plant in Australia to 50%.

Power generation remains the group’s main source of income, accounting for 41% of revenue. New businesses in circular steelmaking contributed a quarter of revenue, while coal mining’s share is shrinking — a result of weaker coal prices and the group’s push to diversify its asset portfolio.

Sev.en GI’s expansion continues this year as well: the company has completed the purchase of oil wells in Texas and plans to expand extraction by bringing fourteen new wells online before the end of the year.

By the Around Prague newsroom