Profit at Czech billionaire Křetínský's EPH energy holding halves

Net profit at the Energy and Industrial Holding (EPH), owned by Daniel Křetínský, the third-richest Czech, plunged by more than half in the first half of the year — from €2.2 billion (about CZK 53.4 billion) a year earlier to €933 million (approximately CZK 22.7 billion). At the same time, the company's revenue and operating profit both rose, making the picture less clear-cut.

According to Ekonomický deník, the drop in net profit stems from a revaluation of Slovenské elektrárne, the Slovak power utility EPH acquired last year. Despite this, the holding's half-year revenue grew by 29% to reach €16.7 billion (CZK 405 billion), while operating profit rose by 10% to over €1.36 billion (more than CZK 33 billion).

The main driver of operating profit was emission-free generation — nuclear power and renewables, including Slovakia's nuclear plants. This category accounted for more than half of the group's operating result.

This year EPH formed a joint venture called TTEP with France's TotalEnergies, in which both sides hold equal stakes. Křetínský contributed his gas-fired power plants, biomass facilities and energy storage assets in several European countries, receiving a 4.2% stake in TotalEnergies in return.

Last year was especially eventful for the Czech billionaire's business empire: he expanded his holdings with Britain's Royal Mail postal service and Germany's Metro wholesale chain, and also acquired a 100% stake in Aures Holdings — operator of the AAA Auto car dealership network — for an estimated CZK 12 billion. For the previous year, the parent company EP Group's profit quadrupled to €4.55 billion (about CZK 110 billion).