Czech power utility CEZ net profit down in Q1, proposes record dividend

PRAGUE (AP) — The Czech dominant power utility CEZ says its net profit in the first quarter of the year was 10.8 billion Czech crowns ($505 million), 60% less than a year ago. The board of directors has approved a proposal for a record dividend of 117 Czech crowns per share for the company’s annual shareholder meeting on June 26. That comes after CEZ reported in March a net profit of 80.7 billion Czech crowns in 2022. The Czech state, which has an almost 70% stake in the company, will receive in 2023 more than 100 billion Czech crowns from CEZ in dividends, income taxes and levies on production sales.