Romania's Comelf grows net profit 125% in 2023

Comelf's turnover increased by an annual 10.5% to 191.4 million lei last year, it said in an annual financial report filed with the Bucharest Stock Exchange.

The positive development in the company's financial results came on the back of optimisation of expenses for materials and use of electricity from Comelf's own 3 KW solar photovoltaic system, as well as thanks to an increase in the selling price of its products, it said. The volume of products sold was at the same level as in 2022.

The company's earnings before interest, taxes, depreciation, and amortisation climbed to 21.9 million lei last year, from 14.3 million lei in 2022.

Total assets stood at 167.2 million lei at the end of 2023, inching down from 167.9 million a year earlier. Total debt fell to 85.5 million lei, from 89.7 million lei.

Founded in 1991 and headquartered in the northern city of Bistrita, Comelf has manufactured equipment for various industrial sectors and is currently focusing on tools intended for waste water treatment plants.

Comelf's shares last traded on April 16, closing 0.9% higher at 5.6 lei on the Bucharest bourse.

(1 euro=4.9764 lei)