February 28 (SeeNews) - Croatian electrical equipment manufacturer Koncar Elektroindustrija Group [ZSE:KOEI] said on Tuesday its consolidated net profit rose 45.5% on the year in 2022, to 307.7 million kuna ($43 million/ 41 million euro).
In 2022, EBITDA rose 70% to 495.5 million kuna and EBITDA margin was 9.4%, Koncar said in a filing to the Zagreb Stock Exchange (ZSE). The figures integrate the results of power transmission equipment producer Dalekovod, following its acquisition.
Overall sales rose 51.6% to 5.3 billion kuna, as exports went up 55.6% to 3.2 billion kuna.
Normalized EBITDA of the Koncar group, or EBITDA less the net effect of provisions, asset sale income, loss compensation income, income from state-issued subsidies and one-off effects of transactions related to Dalekovod, and increased by value adjustment of non-current and current assets, was 49.5 million kuna higher year-on-year, at 356.4 million kuna.
Normalized EBITDA margin was 7.2%, compared to 8.8 % in 2021.
Koncar's shares traded 3.20% higher at 129 euro intraday on Tuesday on the Zagreb bourse.
($ = 0.942 euro)