May 10 (SeeNews) - Romanian fast-moving consumer goods (FMCG) distribution and logistics company Aquila [BSE:AQ] said that its net profit soared by 122% on the year in the first quarter of 2023, to 27 million lei ($6 million/5.5 million euro).
The company’s total revenues reached 562 million lei in the first three months of 2023, increasing by an annual 20%, Aquila said in a statement filed with the Bucharest Stock Exchange on Tuesday.
Aquila’s performance was primarily driven by the positive evolution of its distribution business segment, in the context of organic business growth, supported by the company’s strategy to focus on the channels with the highest growth potential and optimise its product mix.
“We are developing in the directions we have assumed, and we have taken important steps at the beginning of this year to improve margins and sign new partnerships - actions that have been reflected in the results obtained,” Aquila CEO, Catalin Vasile, said.
Aquila’s revenue increased in all of its three business segments in the first quarter, with distribution, logistics and transport recording annual growth of 20%, 13% and 7%, respectively.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to more than 40 million lei in the period under review, up by 48% on the year.
Total assets reached 905.8 million lei, up by an annual 6.1%, while total liabilities grew by 6.8% on the year to 395.1 million lei in the first three months of 2023.
The company is aiming to double its EBITDA by 2026 compared to 2021 through business development and mergers and acquisitions (M&A), by targeting companies that have their own brands or are distributors of well-known brands. Aquila is also targeting a 10% reduction in its greenhouse gas emissions by 2026, with respect to 2021.
Founded in 1994, Aquila provides integrated distribution and logistics services for consumer goods on the Romanian and Moldovan markets. The company has a product portfolio of approximately 10,000 products, of which over 1,000 were launched last year. In 2022, Aquila’s net profit rose 20% to 85 million lei.
Aquila’s shares last traded on Tuesday, when they closed 3.69% higher at 0.73 lei on the Bucharest bourse.
(1 euro=4.9202 lei)