Turbomecanica - revenue and profit growing in 2024

Aircraft components manufacturer Turbomecanica Bucharest (TBM) reported a preliminary net profit of 12.2 million lei for last year, 10% more than in 2023, as revenues increased by 8.5%, to 142.5 million lei, according to the issuer's report published on the Bucharest Stock Exchange (BVB) website.

Expenses for raw materials and supplies amounted to 48.7 million lei, similar to those of last year, while employee benefits expenses increased by 13%, to 62.9 million lei, being largely influenced by the evolution of inflation and the labor market in Romania. Asset depreciation expenses were 11.7 million lei, up 51%, due to the increase in fixed asset values following the revaluation at the end of 2023.

Net financial costs were 3.5 million lei, 34% higher than last year, while financial income decreased by 28.5%, to 1.1 million lei, as the interest collected by the company on deposits was lower.

At the end of last year, Turbomecanica's total assets were 254.7 million lei, 3.5% higher than in 2023, while total liabilities amounted to 106.2 million lei, up 6%. "The loans and leasing liabilities reflect the leasing contracts that the company has concluded in order to ensure the Investment Plan, and the short-term loans include the amounts related to working capital, as well as the part related to short-term leasing contracts," the report says.

The company's largest shareholder is Radu Viehmann, who at the end of last year had 25.9% of Turbomecanica's capital, while Dana Maria Ciorapciu owned 15.2% of the company whose stock market valuation amounts to about 160 million lei.