Romania's TTS Group net profit surges 70.8% in 2023

TTS Group's turnover rose by an annual 24.3% to 1.161 billion lei last year, it said in a statement filed with the Bucharest Stock Exchange on Thursday.

The group's improved performance was primarily driven by war in Ukraine which redirected Ukrainian agricultural product flows to the Izmail/Reni – Constanta route, resulting in increased revenue for TTS Group throughout the year.

Also, a relative stabilisation of transport and port operating rates, following the overall rate increases recorded in 2022, further contributed to the company's growth last year by boosting agricultural revenue and port operating revenue.

TTS Group consists of 15 companies, of which eleven are registered in Romania, three in Hungary and one in Austria. TTS SA, the group's parent company, directly or indirectly owns majority stakes in each of the other 14 companies.

The main commodities transported by TTS Group companies are mineral products, agricultural products, and chemical products.

At an individual level, TTS SA saw its net profit rise to 151.3 million lei in 2023, from 81.1 million lei recorded in 2022. The company's turnover rose to 904.5 million lei at end-2023 from 656 million lei at the end of the previous year.

The group owns a river fleet with a capacity of 800 thousand tonnes, ten floating cranes, as well as port terminals in the southeastern maritime port of Constanta and in seven Danube river ports.

As at 1115 CET on March 1 TTS shares traded 1% lower at 29.8 lei on the Bucharest bourse.

(1 euro=4.97061 lei)