April 28 (SeeNews) - Croatian electrical equipment manufacturer Koncar Elektroindustrija Group [ZSE:KOEI] said on Thursday its consolidated net profit soared to 112 million kuna ($16 million/15 million euro) in the first quarter of this year, from 40.8 million kuna in the same period of 2021.
“The first quarter of 2022 was another record quarter for Koncar in which we achieved double-digit growth across all key performance indicators. Our series of successful results has continued against the backdrop of the unstable macro environment marked by the Russian invasion of Ukraine,” CEO Gordan Kolak said in a filing to the Zagreb Stock Exchange (ZSE).
In the period from January to March 2022, sales revenue amounted to 884.1 million kuna, an increase of 27.9% year-on-year. Exports rose 14.8% on the year to 528.1 million kuna.
Operating income amounted to 954 million kuna, which represents an annual increase of 34.5%.
First-quarter EBITDA amounted to 139.3 million kuna, up 127% on the year, as the EBITDA margin rose to 15.8% from 8.9% in the first quarter of 2021.
EBITDA without one-offs amounted to 80 million kuna, which is 26.3 million kuna more than in the comparable period of 2021, the company said.
Kolak said the war in Ukraine has further exacerbated problems in global supply chains. The surge of inflation, largely the result of unpredictably high energy prices and soaring prices of commodities and raw materials, hindered all businesses, including the operations of Koncar in the first quarter of 2022.
Following the annexation of Crimea in 2014 and the first imposition of international sanctions on Russia, Koncar significantly reduced its business activities in the Russian market, and therefore the war does not have a direct material impact on Koncar’s operations.
“The indirect consequences are numerous. Their impact on operations is difficult to assess at this time, and will largely depend on the duration and intensity of the war and its outcome and consequences,” Kolak said.
Koncar's shares traded 3.74% higher at 970 kuna intraday on Thursday on the Zagreb bourse.
(1 euro = 7.570 Croatian kuna)