PRAGUE, March 21 Reuters Czech utility CEZ expects to pay a record dividend on the back of soaring fullyear profit before new taxes and levies dent earnings this year.

CEZ on Tuesday posted a record 78.4 billion crown 3.50 billion adjusted net profit for last year, a more than threefold rise over 2021, as energy markets jumped after Russia39;s invasion of Ukraine and Moscow cut gas supplies.

Earnings before interest, tax, depreciation and amortisation EBITDA doubled to 131.6 billion crowns, boosted also by commodity trading and record nuclear power production.

The achieved profit for 2022 indicates a record dividend for shareholders, Chief Executive Daniel Benes said.

CEZ has a policy of paying out 6080 of adjusted profit, which it said indicated a 117 crown per share dividend at the upper end, compared with a 48 crown payout in 2021.

Komercni Banka analysts said the payout could be as high as 100 of adjusted profit, making for a dividend of 146 crowns.

TAXING 2023

Shares in CEZ 1.3 at 1,048 crowns at midday. Though down from a 14year high of 1,229 crowns last summer, the shares are up more than 20 over the past year.

The company, 70 owned by the Czech government, faces a new tax on windfall profits and levies on generation this year as the government seeks to help households and businesses hit by rising energy costs.

It forecasts 2023 adjusted profit of between 30 billion and 40 billion crowns and EBITDA of 105 billion to 125 billion crowns.

It said a…