Romanian brick producer’s shares jump 14% after strong profit increase
Romanian brick producer Cemacon (CEON) reported record turnover and operating profit (EBITDA) in the first half of this year.
The company’s shares jumped by 14% on the Bucharest Stock Exchange on Wednesday, September 1, after the financial report was published.
Cemacon reported a turnover of RON 83.92 mln (EUR 17.1 mln) in the first half of this year, 46% higher compared with the same period of 2020 and 14% higher than in the first six months of 2019.
The EBITDA went up by 74% year-on-year to RON 31 mln, and the net profit more than doubled to RON 21.5 mln. Cemacon’s shares have gained 65% since the beginning of this year, compared with a 25.6% increase for the BET index. The company’s market capitalization currently stands at RON 283 mln (EUR 57.4 mln).
Cemacon’s majority shareholders are Dragos and Adrian Paval, the owners of Romanian do-it-yourself chain Dedeman, who own 94% of the company’s shares through two investment vehicles.
(Photo courtesy of the company)