Romanian naval carrier TTS signs EUR 31 mln contract with steel producer Liberty

Transport Trade Services (BSE ticker: TTS), the biggest river freight carrier in Romania, has signed two contracts with steel producer Liberty Galati.

The estimated value of the two contracts is EUR 31.5 million, and the covered period is three years, according to a TTS report to investors.

The company will transport raw materials such as iron ore to the Liberty plant in Galati and steel products from Galati to the seaport of Constanta and to Danube ports in Serbia, Slovakia and Austria, among others.

TTS reported a turnover of RON 656 million (EUR 133 mln) in 2022, up 65% versus 2021, and a net profit of RON 81 mln (EUR 16.4 mln), 2.5 times higher than in the previous year.

The strong results also reflected in the evolution of the TTS shares on the Bucharest Stock Exchange: + 70% since the beginning of this year (compared with a 12% increase for the BET index in the same period). TTS currently has a market capitalization of EUR 234 mln.

(Photo source: Facebook/TTS)