KONCAR - Elektroindustrija (KOEI) Q2 2024 earnings summary

Executive summary

• Operating income for H1 2024 reached EUR 19.2 million, up 36.6% year-over-year, driven by higher sales and increased dividends from subsidiaries.

• Net profit for the period was EUR 13.7 million, a 46.8% increase compared to H1 2023.

• The company’s asset base grew to EUR 263.7 million as of June 30, 2024, a 3.9% increase since year-end 2023.

Financial highlights

• Sales income rose 6.2% year-over-year to EUR 5.7 million.

• Dividends received from subsidiaries increased 54.1% to EUR 13.4 million.

• EBITDA for H1 2024 was EUR 13.1 million, up 42.1% year-over-year; normalized EBITDA was EUR 13.2 million, up 42.9%.

• Operating expenses increased 24.2% to EUR 6.7 million, with material and staff costs rising 19.8% and 14.1%, respectively.

• Earnings per share for H1 2024 were EUR 5.39, compared to EUR 3.67 in H1 2023.

Outlook and guidance

• No income tax expense is expected for 2024 based on current estimates.

• The company is not exposed to significant seasonal or cyclical changes in its business operations.