Constanta port operator Comvex thrives in H1 but has moderate expectations
Port operator Comvex Constanta (BVB: CMVX), with a capitalization of RON 524 mln (EUR 105 mln), announced that its turnover more than doubled to approximately RON 151 mln (EUR 30 mln) in H1, compared to the same period last year.
Its net profit surged fourfold from RON 12 mln to approximately RON 52 mln (EUR 10 mln), according to the data reported on September 16, after the closing of the Bucharest Stock Exchange.
"Romania has become one of the main transport routes for goods from [and to] Ukraine, being used as a transit country. In addition, considering the increase in demand for port operation services, the tariffs applied in the port of Constanţa have also increased, generating important revenues and subsequent financial results [profits]," reads the half-yearly report quoted by Ziarul Financiar.
Since the beginning of 2022, the price of the company's shares has increased by 114% amid a relatively thin turnover of RON 726,000.
For H2, the company expects the flow of goods to moderate as the transport infrastructure is gradually adjusting to accommodate new routes. Besides this, the import of coal from Russia was suspended, and the energy prices are rising - all resulting in pressures on the company's financial results.
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