Croatia's Koncar almost triples Q1 net profit

"Koncar Group has started the new business year with robust performance, continuing to excel in the first quarter of 2024. We have seen growth in sales revenue across all business divisions, which has driven substantial profitability improvements," CEO Gordan Kolak said in a filing to the Zagreb Stock Exchange (ZSE) on Monday.

Consolidated revenue from the sale of products and services reached 210 million euro in the first quarter, representing an annual increase of 22.5%. Exports accounted for 71.2% of the total revenue from the sale of goods and services.

EBITDA rose 122.5% on the year in the reporting period, reaching 34.9 million euro. EBITDA margin increased to a record high level of 16.6%, up from 9.1% in the first quarter of 2023.

Backlog totalled 1.6 billion euro at the end of the first quarter, up by 177.2 million euro from the end of 2023.

Operating expenses grew 10.5% year-on-year to 182.6 million euro in the period under review.

Koncar's shares traded flat at 266 euro on the ZSE by 1032 local time on Tuesday.

($ = 0.934 euro)