The company also reported profit of RON1.78 million for the first three months of 2024, down 39% from the same period of 2023. Its EBITDA (earnings before interest, tax, depreciation and amortization) stood at RON4.66 million in the first three months of 2023, down 2.65% on the year, while expenses fell from RON45.4 million to RON39.6 million.
“The decrease in revenue in Q1 2024 compared to Q1 2023 was influenced by (i) the decrease in the per ton sales price of
products (-2%) due to: the decrease in the purchase price of metal (ii) the decrease in physical volumes sold by 12%, as a result of lower orders in the first quarter of the year, in the global economic context marked by a decrease in demand, especially in the earthmoving sector; In the coming period, the forecast is much improved”, as per the report.
Comelf has a market capitalization of RON128 million after its shares have gained 150% in the past year, but have lost 22% so far in 2024. The Group’s main shareholder is Uzinsider SA Bucuresti, with an ownership stake of 80.9%.