Romania's Aquila grows prelim net profit 14% in 2023

The rise in profit comes on the back of a 14% year-on-year increase in revenues, which reached 2.5 billion lei in 2023, Aquila said in a preliminary financial report filed with the Bucharest Stock Exchange.

"In 2023 we continued organic growth as well as made steps towards new acquisitions to expand the business. Focusing on higher-growth distribution channels, diversifying the product portfolio and developing own brands contributed to historical financial results recorded in 2023," said Catalin Vasile, CEO of Aquila.

The distribution segment accounted for 93.9% of overall revenues, while logistics and transport sliced shares of 3.5% and 2.6%, respectively. Revenues from distribution climbed by 14% to 2.3 billion lei. Logistics revenues went up by 11% to 87.6 million lei, while revenues from transportation inched down by 4% to 65.2 million lei. Own brand revenue grew by 31% year-on-year to 88 million lei.

Aquila's earnings before interest, tax, depreciation, and amortisation (EBITDA) edged up by 5% on the year to 154.6 million lei.

The company expects to double its EBITDA by 2026, compared to the value recorded in 2021, Vasile added. EBITDA came in at 136.9 million lei in 2021, Aquila said in its financial report at the time.

Aquila was established in 1994 as an entity specialised in integrated services of distribution of consumer goods and logistics, currently employing some 3,000 people. The company is present on the Romanian and Moldovan markets.

Aquila's shares traded 0.44% lower at 1.12 lei as at 1504 CET on Thursday on the Bucharest Stock Exchange.

(1 euro=4.969 lei)