Romania’s Visual Fan net profit falls 12% y/y in Q1

Turnover decreased to 13.5 million lei in the first quarter, from 17.2 million lei booked in the same period last year, Visual Fan said in a financial report filed with the Bucharest Stock Exchange.

Despite the drop in profit, the company's net profit margin increased to 4.26% in the three months through March, from 2.78% in the same period of 2023.

Operating expenses decreased to nearly 13 million lei in January-March, from 16.4 million lei in the year-ago period.

Total assets increased to 105.2 million lei in the first quarter, from 101.4 million lei in the same period of last year. Debt narrowed from 26.1 million lei at end-March 2023, to 25.6 million lei at the end of March 2024.

Visual Fan Group, which includes 100% of Visual Fan (Allview), 70% of Intervision Trading as of February 2024, 12% of Headlight Solutions and 95% of Visual EV Distribution, booked a net profit of 913,814 lei during the first three months of 2024, down 10.5% on the year.

The group’s turnover from recurring activities fell to 18.5 million lei in the first quarter, from 21.9 million lei booked during the same period of last year.

The group is optimistic regarding its performance in 2024, primarily supported by the implementation of its Green by Allview strategy in its solar energy division, which was launched in 2022 and has delivered over 500 photovoltaic systems to date.

Visual Fan Group is targeting a net profit of 11.11 million lei in 2024, up from 7.03 million lei last year, it said in a filing with the Bucharest Stock Exchange in April.

In 2023, Visual Fan booked a net profit of 4.5 million lei on 107.9 million lei turnover, according to finance ministry data. The company employed 60 people at the end of last year.

Visual Fan shares traded 4.49% lower at 14.9 lei on the AeRO market of the Bucharest Stock Exchange as at 1041 CET on Thursday.

(1 euro=4.9762 lei)