Croatia's Koncar 2023 net profit surges 49% y/y

"For Koncar Group, 2023 was a year of remarkable achievements," CEO Gordan Kolak, said in a filing to the Zagreb Stock Exchange (ZSE), adding that its revenue and profit margin also reached all-time highs, while order intake exceeded 1.3 billion euro.

Normalised net profit doubled to 86 million euro, while operating income rose 26.2% to 915.6 million euro.

Operating expenses grew 23.8% to 836.2 million euro.

Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 47.4% on the year to 98.5 million euro. EBITDA margin reached 10.9% from 9.5% in 2022.

Key performance indicators have seen growth across all business areas, with the power transmission and distribution segment demonstrating remarkable performance, Kolak explained.

"The sustained high demand for transformers, a key component of Koncar’s product portfolio, has yielded excellent results and reinforced Koncar’s status as a regional leader in the development and production of high-tech solutions essential for advancing the green energy transition throughout the European Union," he added.

Koncar's shares traded 0.76% lower at 260 euro on the Zagreb bourse by 1153 local time on Monday, after strong gains in the previous two trading sessions.

($ = 0.922 euro)