Energoprojekt Holding (ENHL) reported RSD 723.9m in consolidated net profit for 1H17, up 93.6% y/y on higher sales and improved profitability. The company’s consolidated revenues arrived at RSD 17.5bn, up 20% y/y, while over 64% is from foreign projects. Operating profit in the period arrived at RSD 807.2m, up 2.6 times versus a year ago on much better profitability. The company’s backlog now stands at EUR 356m, while for this year EUR 296m was planned to be contracted (18% achievement in 1H17). Net debt has been increased from RSD 2.2bn at the end of 2016, to current RSD 6.1bn. The company has been recently acquired by Napred Razvoj at a price of RSD 1,501 per share. Napred Razvoj also announced mandatory TOB for four daughter units at Energoprojekt (Entel, Garant, Oprema and Industrija) but this has not been approved yet by regulating bodies.
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