“The year 2021 is considered by the TTS group a year of recovery, as a result of the lifting of the pandemic restrictions imposed in 2020, with strong effects on the economy in general. The final results not only confirmed the expectations but also confirmed a special year in terms of financial results, especially the profitability of the business,” the report published by TTS said.
The drought that affected the grain crops in southern Romania in 2020 was not repeated in 2021 which ensured a very good grain harvest in Romania, good in Bulgaria and Serbia but very weak in Hungary.
“The effects of this situation were lower volumes in transport and operation in the first half of the year, a return to the normal in the third quarter of 2021, followed by a significant reduction in the fourth quarter, due to differences in domestic supplier prices and FOB (free on board) quotations Black Sea (influenced by the prices of Ukrainian and Russian goods).
TTS’s highest expenses in 2021 were for subcontractors, RON209 million compared with RON191 million in the previous year.
Transport Trade Services has a capitalization of RON650 million.
(English version by Loredana Fratila-Cristescu)