PRAGUE (AP) — The Czech power company CEZ said Tuesday its net profit in the first quarter of the year reached 13.6 billion Czech crowns ($592 million), 2.7 billion up compared with the same period of the previous year.

CEZ said it expected its adjusted net profit would reach between 25 billion and 30 billion Czech crowns.

The results “meet our expectations and reflect a gradual stabilization on the energy markets,” CEZ chief executive Daniel Benes said.

CEZ's 2023 net profit reached 29.6 billion Czech crowns, down more than 63% from the previous year, which saw record profits.

The country’s main electricity producer attributed the decline to a windfall tax on profits introduced as prices for energy soared.

In 2022, the company’s profit soared on an enormous rise in prices caused by the Russian invasion of Ukraine, higher profits from commodity trading on foreign markets and high operational reliability in its power plants.

That resulted in record dividends of 145 Czech crowns per share.

CEZ previously said it expected dividends between 39 – 52 crowns per share, given the decline in profit last year.