Aages - profit increasing by 62% in the first six months of the year

The manufacturer of induction heating installations Aages Târgu Mureş (AAG) achieved, in the first nine months of the year, a net profit of 7.1 million lei, 62% more than in the same period last year, while operating revenues amounted to 43.5 million lei, up 36.5%, according to the company's report published yesterday on the website of the Bucharest Stock Exchange (BVB).

The turnover increased by 42%, up to 39.3 million lei, mainly due to the increase in income from the sale of finished products, as well as the increase in income from works performed and services provided, the report states.

On the other hand, operational expenses were 35.1 million lei, 30.1% more than in the first nine months of last year. Materials and goods expenses amounted to 16.9 million lei, up 37%, while personnel expenses were 12.9 million lei, 26.9% more than in the January-September 2023 period.

In this context, Aages reported an operating profit of 8.4 million lei, 71.6% above that of the first nine months of the year, while from financial activities the company recorded a negative result of 0.14 million lei, lower than the one at the end of September last year. "The financial result appreciated by 0.24 million lei, mainly due to the decrease by 0.49 million lei in financial expenses (repayment of loans)", the company's report states.

This year Aages Târgu Mureş had very good financial results, a fact that propelled the company's shares from 3.74 lei per unit at the end of 2023 to 7 lei today, equivalent to an increase of almost 90%.

The majority shareholder of the company is AAGES Head Invest, with a holding of over 53% of the manufacturer of induction heating installations.