April 21 (SeeNews) - Romanian aircraft construction and repair company Aerostar [BSE:ARS] said on Friday that its net profit grew 50.6% year-on-year to 90.3 million lei ($20 million/18.2 million euro) in 2022.
The results recorded in the reporting period reflect Aerostar's solid performance, with a growth in sales and an increase in the number of employees, in the context of the complex geopolitical and economic environment, the company said in a report filed with the Bucharest Stock Exchange.
Aerostar's turnover saw an annual increase of 24% during 2022, reaching 466.9 million lei. Of the recorded turnover, the company sold products and services worth 143.4 million lei on the domestic market and 323.5 million lei worth on the foreign market.
Operating profit rose 30.6% to 83.3 million lei last year. Profit before tax increased by an annual 43.1% to 99.6 million lei.
Compared to the end of 2021, Aerostar's assets rose 14.7%, standing at 713.7 million lei at end-December 2022.
In 2022, Aerostar made investments worth approximately 26.6 million lei, up 224% on the year, the report further showed.
Aerostar was established in 1953 and is specialised in repairing and upgrading military aircraft, producing light aircraft, hydraulic equipment for aviation and piston engines as well as electronics and other specialized equipment. The company exports its products to countries in Europe, Asia, North America and the Middle East. As of end-December 2022, Aerostar employed 1,845.
Privately-owned Romanian defence group IAROM owns a stake of 71.49% in Aerostar, bourse data showed. Investment fund Evergent Investments owns 15.17%, while the rest is held by smaller-scale shareholders.
Aerostar's shares last traded on April 20 on the main market of the Bucharest Stock Exchange when they closed at 7.6 lei.
(1 euro=4.94040 lei)