February 26 (SeeNews) - Croatian electrical equipment manufacturer Koncar Elektroindustrija Group [ZSE:KOEI] said on Monday its consolidated net profit reached 73.2 million euro ($ 79.4 million) last year, up by 24 million euro compared with 2022, driven by orders spurred by the green transition in Europe.
"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)