1Q results – good performance in all segments
We believe that Petrom’s quarterly results reinforce our view of the company as a well-disciplined operator, which is skilfully managing its steadily declining upstream assets, benefiting from market dominance and quality assets in downstream oil, and has successfully restructured the company to generate good earnings at low oil prices. Reported EBIT of RON 798m was up 138% qoq, while net income of RON 619m was up almost 4x qoq. The clean EBIT of RON 767m was 27% higher than our forecasts, and 22% above the consensus, while net income of RON 586m was 8% above our expectations and 27% above the consensus.
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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