Business News

SSH generates EUR 30.4m in net profit in H1

Ljubljana, 30 September (STA) - Slovenian Sovereign Holding (SSH), the state asset custodian, reported on Monday a EUR 30.38 million net profit for the first half of 2019, a 17% decrease on the same period last year. SSH, which attributes the bulk of the difference to a cancelled impairment in 2018, said all key goals had been met in the six months of 2019.

SSH pointed out the first half of the year had been marked by the successfully concluded second phase of the sale of the NLB bank, the sale of Abanka, "the execution of the state strategy of sustainable growth for tourism and successful operations of the SSH group".

Contributing the most to the net profit were EUR 29.13 million in dividend payouts by companies owned by SSH.

Insurer Zavarovalnica Triglav accounted for 54.8% of these, while the list of contributors also includes energy trader Petrol, insurer Sava Re, chemical company Cinkarna Celje, port operator Luka Koper and national lottery operator Loterija Slovenije.

Dividends were also paid out by other companies managed by SSH but owned by the state. These amounted to EUR 170.8 million, the majority of which was accounted for by Abanka (EUR 66.7 million) and NLB (EUR 49.9 million).

When it comes to the implementation of the state strategy of sustainable growth, SSH highlighted the drawing up of an investment document for hotel manager Istrabenz Turizem, the plan for the consolidation, management and restructuring of state-owned tourism investments and the acquisition of a 20.87% stake in spa operator Terme Olimia.

At the end of June 2019, SSH was involved in the ownership of 23 companies, with the total number of investments decreasing by two since the end of last year. The total number of capital investments owned by the state and managed by SSH increased by four to 76.

Meanwhile, SSH, whose main tasks along with managing capital investment indirectly or directly owned by the state is covering liabilities related to denationalisation and damages claims, said that it was mostly only the most demanding cases that were still outstanding in this field.

The number of claims decreased by roughly 6% to 250 in the first half of the year and the number of open cases by 5% to 192, the report says.

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