The producer and distributor of technical gases, Messer Technogas (TGAS), released business results for the first six months, which displayed expected inflationary pressures on profit margins.
For the January-June period, the company generated RSD 8.18bn in consolidated operating revenue, representing an increase of 13.1%, even though the Bor facility has not been in function since April 20th due to reconstruction at the Bor smelter that will last until September.
Consolidated operating profit fell 14.2% to RSD 1.53bn, primarily due to rising electricity and material costs, which combined increased by RSD 1bn. Consolidated net profit decreased by 15.9% to RSD 1.04 bn for the same reasons.
The company remained financially stable, with minor long-term liabilities, while the total cash and short-investment position at the end of June amounted to RSD 5.4bn, a decrease of 13.6% since the beginning of this year.
Shares of Tehnogas on the Belgrade Stock Exchange recently rose to RSD 15,000, resulting in the company’s current market capitalization of RSD 15.55bn (EUR 132.5m).
Source : Belex, Momentum