The companies listed on the Belgrade Stock Exchange, which make up the Belex15 index basket in the first half of 2023, achieved significantly worse results compared to the same period in 2022, the Momentum Securities brokerage announced.
This is, as stated and expected, after last year’s record business of the Oil Industry of Serbia (NIS), which has a dominant influence on that index.
In the first six months of NIS, due to significantly lower crude oil prices, revenues fell by 22 percent, while profit fell by 68 percent.
“True, if there had not been a one-time payment of a donation to the state of Serbia of EUR 60 million, which came in the second quarter, the company’s final result would certainly have been higher than the multi-year average,” said the brokerage house.
Aluminum rolling mill Impol Seval, after last year’s, also a record year, faced a big drop in demand on the market, which resulted in a 90 percent drop in profit, but, as stated, it is a great success that the company achieved positive business in general.
Energoprojekt Holding had a 30 percent drop in revenue and a loss that increased eight times.
“Tehnogas is certainly the most pleasant surprise of the first half of the year with revenue growth of 35 percent and a slightly higher jump in the final result. The company managed to overcome the very high increase in the price of electricity with higher revenues, partly as a result of the start of operation of the new plant in Bor,” stated Momentum.
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