WOOD Flash – Kalekim: strong set of 1Q24 IAS 29 results
Kalekim announced its 1Q24 IAS 29 results yesterday (12 June), reporting net earnings of TRY 104m, vs. the loss of TRY 31m in 1Q23. We saw a strong set of operating results, driven by solid volume growth and expanding margins.Thanks to its prominent position in the building materials market, we anticipate that Kalekim will reap the benefits of the replacement market demand and the demand from urban regeneration projects. In addition, we also believe that the commencement of production in Iraq in 1H25E will contribute to the operating performance as well. Hence, we believe that Kalekim’s investment case is evolving into a multi-year growth story, with a strong operating performance ahead.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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