April 29 (SeeNews) - Romania's Teilor Holding said on Thursday it recorded a consolidated profit of 26.7 million lei ($5.7 million/5.39 million euro) in 2021, down 13% from 2020.
The group, which includes jewellery chain Teilor, lender Invest Intermed, as well as Teilor Invest Exchange, posted a consolidated turnover of 282.7 million lei, up 47% compared to 2020, it said in a statement.
“This year we intend to continue the development at the group level and to increase all the performance indicators, as our main objective is to reach a turnover of 1 billion lei at the group level by the end of 2026," Mircea Varga, member of the board of directors of TEILOR Holding, said, as quoted in a press release.
The highest earning company within Teilor Holding was jewellery chain Teilor, recording a net profit of 19.8 million lei - a 17% increase over 2020. The total turnover of the chain was 231.5 million lei, a 65% year-on-year increase. The growth was in part led by the chain’s expansion in Hungary and Poland, where it opened four stores.
Pawnbroker Invest Intermed’s total profits for 2021 were at 7.3 million lei, down from 2020’s 10.8 million lei, according to finance ministry data. The total turnover, however, saw a slight increase to 46.8 million lei in 2021, from 45.4 in 2020. According to the press release, the company aims to develop its network of agencies in areas where demand outstrips supply.
Currency exchange chain Teilor Invest Exchange’s profits for 2021 totalled at 4.5 million lei, down from 4.6 in 2020. The company’s turnover in 2021 was 13.5 million lei, up 38% from 2020’s 9.8 million lei.
Teilor Holding carried out two private placements in November - in euro and lei - thus raising a total of 45 million lei from investors on the Bucharest Stock Exchange, on the AeRO market.
Furthermore, the Teilor jewellery store obtained a 8.47 million euro ($9.62 million) loan from state-owned EximBank in November for the purpose of acquiring jewellery stocks and investments in new stores abroad.
Teilor is a chain of luxury jewellery stores. Founded in 1998, the chain currently operates 61 stores between Romania, Bulgaria, Poland, and Hungary.
Invest Intermed GF IFN operates under the MoneyGold brand. It is a pawnbroker chain founded in 2004, which, according to its websites, operates over 80 locations around Romania.
Teilor Invest Exchange also operates under the MoneyGold brand. Founded in 2012, it is a currency exchange company.