GasNet recovers from loss to Kc4bn net profit in 2024

Prague, March 13 (CTK) - GasNet, the largest gas distributor in the Czech Republic, recorded a net profit of Kc4bn last year after a loss of over Kc303m the year before, representatives of energy group CEZ, which bought a majority stake in GasNet last year, said at today's press conference.

GasNet recorded earnings before interest, taxes, depreciation and amortisation (EBITDA) of Kc11bn last year, while the company's net financial debt amounted to Kc58bn.

GasNet supplies natural gas to households and businesses throughout the Czech Republic, except Prague and the South Bohemia Region. It manages 65,000 kilometres of pipelines and has more than 2.3 million customers, holding approximately 80 percent of the country's gas distribution market.

Semi-state group CEZ has been the majority owner of GasNet since last autumn. CEZ paid EUR846.5m (roughly Kc21.2bn) for its 55.21 percent stake in the distribution company. Until then, the stake was managed by Macquarie Asset Management. GasNet's other shareholders are Allianz and Canada's BCI.

Czechia has three gas distribution system operators. Gas Distribution (formerly EG.D) from the E.ON group operates in the South Bohemia Region, while Prazska plynarenska Distribuce covers the capital city.

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