reports
- Vladan Pavlovic
Petroleum Industry of Serbia NIS (NIIS)
Petroleum Industry of Serbia (NIIS), which is majority owned by Russia's Gazprom Neft, reported 161% rise in nine-month net profit (to RSD 20.1bn from RSD 7.7bn in the same period last year), helped by an increase in sales an improved FX result and higher EBITDA. The company said in a statement that earnings before interest, tax, depreciation and amortization (EBIDTA) jumped 53% to RSD 34.3bn from RSD 22.5bn in the same period last year due to higher crude oil prices and effects of the operation...
- Vladan Pavlovic
Komercijalna banka (KMBN)
Belgrade based Komercijalna Banka (KMBN) reported huge RSD 5.69bn in its 9M17 pre-tax profit, which is much better versus RSD 1.7bn loss from 9M16, while only 3Q17 pre-tax profit arrived at RSD 1.27bn (versus RSD 2.6bn loss from 2Q16). Reason for such dramatic improvement at both 9M and 3Q level is an absence of high net provisioning and appearance of smaller amount of recoveries (RSD 10.4m in 3Q). The bank’s 9M17 net profit is at RSD 6.9bn, due to RSD 1.2bn gain on deferred tax assets, from 2Q....
- Vladan Pavlovic
Messer Tehnogas (TGAS)
Messer Tehnogas (TGAS) reported RSD 1bn in consolidated net profit for 1H 2017, up 18.4% versus 1H 2016, on higher revenues and higher operating profit. The company’s consolidated operating sales for the period arrived at RSD 4.3bn, up 6.6% y/y, at first place due to growth at domestic market, since export accounted only 11.5% of total sales, (while growth was at 39%). Operating profit arrived at RSD 1.2bn, up 23.4% y/y, since operating margin was up from 23.8% to current 27.6%. Cash position re...
- Vladan Pavlovic
Energoprojekt Holding (ENHL)
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)....
- Vladan Pavlovic
Belgrade Airport (AERO)
The Belgrade Airport (AERO) reported RSD 1.39bn (EUR 11.5m) in its 1H 2017 net profit, flat y/y. Total revenues amounted to RSD 4.42bn, with operating revenues standing at RSD 4.33bn, up 10.5% y/y, mainly in line with expansion in volume of traffic (passengers & cargo turnover). Operating profit in the period amounted to RSD 1.75bn, up 14.4% y/y, since operating margin was up to 40.5% vs. 39% from 1H 2016. This time, the company booked RSD 114.3m in other loss, which prevented expansion at net p...
- Vladan Pavlovic
Komercijalna Banka a.d. Belgrade (KMBN)
​ Belgrade-based Komercijalna Banka (KMBN) reported huge RSD 5.7bn in its 1H17 pre-tax profit, which is much better versus RSD 2.6bn loss from 1H16, while only 2Q17 pre-tax profit arrived at RSD 3.2bn (versus RSD 4bn loss from 2Q16). Reason for such dramatic improvement at both 1H and 2Q level is an absence of high net provisioning and appearance of smaller amount of recoveries (RSD 72m in 1Q and RSD 154.5m in 2Q), as well as due to solid RSD 1.2bn gain on deferred taxes. On the other side, ne...
- Vladan Pavlovic
Petroleum Industry of Serbia NIS (NIIS)
​ NIS (NIIS) reported RSD 12.4bn in its 6M 2017 net profit, up 4 times versus 6m 2016, or RSD 7bn for 2Q17, up 141% y/y. The result is more-less expected given the earlier announcement from the company about expected 2Q performances (as well as achieved from 1Q). Dramatic improvement was not a surprise, given the recovery in crude oil price, which drove revenues higher and impacted profitability. The company’s sales for 6M were up 32% y/y to RSD 107.4bn, while EBITDA arrived at RSD 22.5bn fo...
- Vladan Pavlovic
Serbian Macro Overview 1H2017
According to a flash estimate released on May 4th by the Statistical Office, GDP grew 1.0% in 1Q over the same quarter last year. The figure marked a significant deceleration from the 2.5% increase recorded in 4Q 2016. Serbia's central bank, NBS, expects the country's economy to grow by 3.0% in 2017 on the back of labor market recovery. Economic growth is expected to accelerate to 3.5% in 2018, as structural reforms implemented by the government and improvement in business climate are encouragin...
- Vladan Pavlovic
Energoprojekt Holding (ENHL)
​ Energoprojekt Holding (ENHL), construction company, reported consolidated numbers for FY 2016, which showed drop in sales and higher net profit. Namely, the company’s operating sales in the period arrived at RSD 32.3bn, down 8.5% y/y. Foreign market accounted 58% of sales. Operating profit was down 61.9% y/y, to RSD 699.8m, due to high amount of inventories for non-completed operations at Sunnyville project, in the amount of RSD 840.3m. Consolidated net profit arrived at RSD 1.1bn, up 9.3%...
- Vladan Pavlovic
Belgrade Airport (AERO)
​Belgrade Airport (AERO) reported RSD 510.2m in 1Q17 net profit, up 2.6% y/y, while operating profit came in at RSD 587.9m, up 8.5% y/y. The lower growth in bottom line arrived on the back of worsen net financial result and appearance of not so huge RSD 25.2m in write-offs. The company’s sales arrived at RSD 1.96bn, up 11.3% y/y, mainly in line with growth in number of passengers and traffic volume. According to the latest report, final number for net profit in 2016 is at RSD 3.2bn, down 3.1...
- Vladan Pavlovic
Metalac (MTLC)
​ Gornji Milanovac-based Metalac (MTLC) managed to score RSD 8.7bn in FY 2016 consolidated sales, up 19.7% y/y, while the company’s consolidated net profit arrived at RSD 564.1m, up 67.9% y/y. Operating profit arrived at RSD 611.6m, up 36.4% y/y, due to improved operating margin – from 6.3% in 2015 to 7.2% in 2016. The company’s consolidated export amounted to RSD 3.2bn, while sales from domestic market arrived at RSD 5.3bn. Metalac Cookware brought the highest contribution to export, wi...
- Vladan Pavlovic
Petroleum Industry of Serbia NIS (NIIS)
​ NIS (NIIS), integrated oil&gas company, reported RSD 5.4bn in 1Q17 net profit, which is far better versus RSD 261.5m profit from 1Q16. This huge improvement arrived on the back of improved EBITDA and absence of high FX loss vs. a year ago. EBITDA in 1Q17 arrived at RSD 11.1bn, up 3 times versus a year ago, due to much better oil prices. This was in line with earlier announcement from the company’s CFO, Anton Fedorov – he was expecting RSD 5bn in 1Q for the bottom line. Quarterly sales ca...
- Vladan Pavlovic
Komercijalna banka (KMBN)
​Belgrade based Komercijalna Banka (KMBN) reported RSD 2.5bn in its 1Q17 net profit, which is much better versus RSD 1.4bn from 1Q16. The report is in line with the announcement from the bank. Improved net profit is a consequence of higher other revenues (RSD 625.7m vs. RSD 70.3m in 1Q 2016) and much better position with net provisioning. Actually, the bank posted RSD 72.8m in recoveries, which is much better versus RSD 492.1m provisioned in 1Q16. When speaking about core business, we see no m...
- Vladan Pavlovic
Messer Tehnogas (TGAS)
​Messer Tehnogas (TGAS) reported consolidated numbers for 2016 – operating sales came in at RSD 8.5bn, up 6.9% y/y, while operating profit remained unchanged at RSD 1.9bn. Net profit was down 64.4% y/y, to RSD 1.3bn, which is similar trend as for already reported non-consolidated level (due to write-offs). The stock was near all-time high at RSD 14,000 in December last year, but it moved down to RSD 11,250 per share, after reported FY 2016 numbers and announced low dividend.
- Vladan Pavlovic
Komercijalna banka (KMBN)
​Belgrade-based lender Komercijalna Banka (KMBN) announced a RSD 8.06bn loss for 2016, due to new round of net provisioning which amounted to RSD 14.9bn (up 14.6% y/y). A core business of this state-run bank brought stable financial results. Net interest income for FY 2016 arrived at RSD 13.5bn, almost flat y/y, while net F&C income came in at RSD 4.8bn, down 1.7% y/y.The bank’s assets grew 2.1% in 2016 to RSD 400bn. Earlier this year, management of Komercijalna said the bank is set to retur...
- Vladan Pavlovic
Belgrade Airport (AERO)
​Belgrade Airport (AERO) reported RSD 2.95bn in FY 2016 net profit, down 10.3% y/y, on lower operating profit and worse financial and other result. This is slightly lower versus expected since the management was targeting EUR 26-30m range for net profit in 2016. Operating profit came in at RSD 3.49bn, down 4.2% y/y, mainly on higher cost of salaries. The company’s operating sales arrived at RSD 8.5bn, up 5.1% y/y, which is in line with overall increase in traffic volume (number of passengers...
- Vladan Pavlovic
Fitofarmacija (FITO)
​Galenika Fitofarmacija (FITO), plant protection applications producer, reported FY 2016 numbers that showed further growth of the company’s business. The company reported near RSD 4bn in annual sales for 2016, up 3.2% y/y, while operating profit came in at over RSD 1bn, up 15% y/y, due to jump in sales of own branded products, which increased profitability. Net profit was increased by only 4.3% y/y due to higher amount of written of receivables vs. a year ago. Management was expecting 5.3% ...
- Vladan Pavlovic
Petroleum Industry of Serbia NIS (NIIS)
​ NIS (NIIS) reported RSD 15bn in its FY 2016 net profit, up 2.8% y/y. This light improvement arrived on the back of better other result (lower FX loss) versus a year ago. EBITDA arrived at RSD 39.8bn, down 14.4% y/y, on lower sales and worsen profitability, while sales came in at RSD 192.1bn, down 8.8% y/y, on lower prices vs. a year ago. The results are more/less in line with previously announced by the company. Oil&gas production is down 7%, when counting in conditional t, while processed v...
- Vladan Pavlovic
BELEX Overview 2016
​The year 2016 brought EUR 361m in total trade volume, which is the highest amount since 2009, but only miserable EUR 49m (down 63% y/y) was generated from stocks. This is the lowest level of trading activity for equities over the last 10 years. Lack of attractive growth profiles among domestic blue chips, delisting of Imlek, TOB at AIK Banka and still relatively attractive yield for government notes (given the risk profile), are among reasons for dramatic drop in trade volume in case of stock...
- Vladan Pavlovic
Belgrade Airport (AERO)
​Belgrade Airport (AERO) reported RSD 2.4bn in 9M 2016 profit, up 13.3% y/y, on lower tax expenses, while pre-tax profit for 9M16 is actually down 5.7% y/y on higher negative other result, which was partly influenced by smaller amount of write-offs (RSD 204.1m). The company’s sales came in at RSD 6.5bn, up 4.5% y/y, while operating profit was down 4.5%, on lower margin, which, however, is still huge. Namely, operating profit margin in 9M16 is down to 45%, versus 49.3% from 9M15, mainly on hi...
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