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Romania's Fondul Proprietatea Q1 net profit rises 18% y/y

Romania's Fondul Proprietatea Q1 net profit rises 18% y/y Stock (Author: Fondul Proprietatea) License: all rights reserved.

BUCHAREST (Romania), May 16 (SeeNews) - Romanian property restitution fund Fondul Proprietatea [BSE:FP] said on Monday its net profit rose by 17.7% year-on-year in the three months through March, reaching to 826 million lei ($173 million/167 million euro).

The main contributor to the profit was the net gain generated by the valuation update for majority state-owned hydro power producer Hidroelectrica, net off by the negative share price evolution of the fund’s listed holdings, mainly coming from oil and gas group OMV Petrom [BSE:SNP], Fondul Proprietatea said in a filing to the Bucharest Stock Exchange, BVB.

The fund's net asset value (NAV) rose to 14.5 billion lei at the end of March 2022 from 10.8 billion lei a year earlier. Fondul Proprietatea's current market capitalisation stands at 13.3 billion lei.

At the end of March, the fund's portfolio was composed of holdings in 32 companies - six listed and 26 unlisted - a combination of privately held and state-controlled entities. The largest unlisted holding is Hidroelectrica, which represents 68.3% of the fund's NAV, while the largest listed holding company is OMV Petrom, accounting for 5.5% of the NAV.

The fund also holds stakes in gas supply group Engie Romania, salt producer Salrom, Maritime Ports Administration SA Constanta, electricity producer Nuclearelectrica [BSE:SNN], aluminum producer Alro [BSE:ALR], and aerospace company Romaero [BSE:RORX].

Fondul Proprietatea's shares traded 0.97% higher at 2.09 lei by 1116 CET on Monday on the BVB.

OMV Petrom shares changed hands 1.25% higher at 0.4470 lei by 1119 CET, whereas Nuclearelectrica traded 0.40% lower at 43.65 lei by 1110 CET.

Alro shares traded 1.36% higher at 1.49 lei by 1108 CET on Monday, whereas Romaero shares last traded on May 12, closing at 32 lei.

(1 euro =4.9458 Romanian lei)

Alro SA is among the biggest companies in SEE, for more reference take a look at Top 100 companies
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