Romanian brick manufacturer doubles profit in the first nine months

Romanian brick producer Cemacon Cluj had a turnover of RON 74 million (EUR 16.2 million) in the first nine months of this year, up 2% over the same period of 2016. The company’s net profit more than doubled, reaching RON 13.8 million (EUR 3 million). The company benefited from a favorable market environment and used its factories at their full capacity, thus increasing its efficiency. The operational profit (EBITDA) margin reached 31% up from 21% in the first nine months of 2016. Dedeman, the biggest do-it-yourself retailer in Romania, bought a 29% stake in the company at the beginning of this year. Business Capital for Romania-Opportunity Fund Cooperatief, an investment vehicle controlled by Austrian group Erste, owns a 33% stake in Cemacon, and local financial consultancy group CITR holds a 30% stake. Cemacon currently has a market capitalization of RON 70 million (EUR 15.2 million). editor@romania-insider.com