February 28 (SeeNews) - Romanian property restitution fund Fondul Proprietatea [BSE:FP] said on Monday it booked a net profit of 5 billion lei ($1.1 billion/ 1 billion euro) in 2021, compared to a net loss of 103 million lei in 2020.
The main contributor to the profit was the net unrealised gain from equity investments at fair value through profit or loss, generated by the rising price of OMV Petrom's [BSE:SNP] shares during 2021, which had a positive impact of 537.1 million lei, Fondul Proprietatea said in a filing to the Bucharest Stock Exchange, BVB.
An increase in the value of unlisted holdings in the fund's portfolio following the valuation update process also boosted net profit. This was mainly due to hydro power producer Hidroelectrica, which registered a 3.912 billion lei increase in valuation.
Gross dividend income amounted to 655.1 million lei in 2021, mainly coming from Hidroelectrica (456 million lei) and OMV Petrom (122.8 million lei).
The fund's net asset value (NAV) rose to 13.24 billion lei at the end of 2021 from 10.32 billion lei a year earlier.
Fondul Proprietatea's current market capitalisation stands at 12.82 billion lei.
At the end of 2021, the fund's portfolio was composed of holdings in 32 companies - six listed and 26 unlisted, a combination of privately held and state-controlled enterprises.
The largest unlisted holding is Hidroelectrica, which represents 64.4% of the fund's NAV, while the largest listed holding company is OMV Petrom, accounting for 14.9% 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 0.60% lower at 1.9880 lei by 1326 CET on Monday on the BVB. OMV Petrom shares changed hands 0.33% lower at 0.4570 lei by 1330 CET, whereas Nuclearelectrica traded 2.69% lower at 41.65 lei by 1403 CET. Alro shares traded 3.92% lower at 1.7150 lei by 1316 CET on Monday, whereas Romaero shares last traded February 17, closing at 36 lei.
(1 euro =4.9480 Romanian lei)
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