iHunt Technology - revenue and profit growing, mid-year

Online retailer and manufacturer of mobile phones, gadgets and accessories iHunt Technology (HUNT) reported a net turnover of 20.1 million lei in the first half of the year, up 2% compared to the first six months of last year, while the net result amounted to 0.45 million lei, compared to the almost zero from January-June 2023, according to the company's report published yesterday on the website of the Bucharest Stock Exchange (BVB).

"In the first half of 2024, iHunt Technology Import Export reaches 50% of the budgeted turnover for the entire year. This exceeds 20 million lei, being mainly supported by the iHunt Smart Home segment," the document states.

Operating expenses had a relative dynamic similar to that of revenues, reaching 18.8 million lei in the middle of the year, increasing by 2.4%. Expenditures on goods decreased by 4.5%, up to 13.8 million lei, while expenses on external services increased by 33.3%, up to almost 3.4 million lei. Other operating expenses were 3.8 million lei, 32.5% more than the ones from the middle of last year. "The company's advertising budget registered significant increases with the launch of the iHunt EV project in order to rapidly scale this project," the report states, referring to the development of the business line of charging stations.

Under these conditions, the operating result amounted to 1.3 million lei, slightly below that of the end of June last year, while from financial activities iHunt Technology recorded a net negative result of 0.84 million lei, 37.1% lower than the one from the middle of last year.

"The management of the company continues to focus on the development of new products for the iHunt Home application as an important pillar of growth, but at the same time it is also focused on the expansion of the iHunt EV charging network. iHunt's objective is to reach as many installed locations as possible, initially in Romania and later in Europe," the report states.

For this year, iHunt has budgeted a turnover of 40 million lei and a net profit of 1.85 million lei. Last year, the company had a loss of 1.37 million lei.

At the end of last year, the founder Cezar Stroe had 52% of the company whose stock market valuation amounts to about 32 million lei.