Consolidated Q3 reports hint a profitable 2016

Monbat Q3 net income surges 48% y/y

Lead-acid batteries producer Monbat books 48% y/y rise in 3Q16 net income; 9M16 bottom line adds 10.5% y/y, according to the Company’s consolidated financial statements for 9M16. In 3Q16, alone, the Company booked BGN 6.6m of net income, up 48.8% y/y on rising volumes and LME prices. The top line rose 8% y/y in 3Q16 to BGN 67.6m while EBITDA expanded 37.4% to BGN 11.8m.

Overall, 9M16 data reveal 2.2% y/y rise in the top line to BGN 181m while net income came at BGN 19.2m. EBITDA expanded 9% y/y to BGN 32.3m. Monbat also published preliminary October sales with both the top and bottom line delivering double digit growth. October sales came at BGN 26.9m, up 17% y/y, while EBITDA was BGN 4.6m, up 138% y/y.

Adding up, 10M16 numbers signal strong FY2016 results for Monbat in line with management guidance and above ELANA Trading research estimates. 10M16 preliminary consolidated sales are up 2.9% y/y to BGN 206m while EBITDA is up 16.5% y/y to BGN 37.6m

Sopharma profitability improved

Pharmaceutical leader Sopharma’s consolidated net income surges 32.5% y/y, according to the Company’s consolidated financial statements for 9M16.

9M16 sales are down 1.4% y/y to BGN 638m but profitability improved on cost optimization and less FX losses. EBITDA is up 5.6% y/y to BGN 52m while net income added 32.5% to BGN 31.6m in 9M16.

Sirma sales in US – up 39% in 9M reports

IT leader Sirma Group Holding books 26.5% y/y rise in the top line; net income down 5.4% y/y, according to the Company’s consolidated financial statements for 9M16. The Group’s revenues reached 27.7m with top line expansion accelerating in 3Q16 alone in line with management guidance.

Sales in North America are up 38.6% y/y to BGN 6.7m while sales in Europe add 22.3% y/y to BGN 20.7m. The bottom line turns positive in 3Q16 after a minor loss in 2Q16. Yet, net income in slightly down 5.4% y/y for the 9M16 to BGN 1.4m.

Chimimport’s consolidated net income flat in 3Q16

Chimimport net income in 3Q16 stood at BGN 20.3m while 9M16 results added up to BGN 62.4m, down 10.6% y/y. Net income declined on lower top line performance in industrials and insurance operations while banking delivered strong net interest proceeds. Industrial operations delivered 7.6% y/y lower revenues to BGN 371m.

Insurance operations booked 33% y/y decline in net revenues to BGN 27.3m. Net interest revenues, however, surged 27.6% y/y to BGN 111m on faster declining interest expenses. Lastly, financial instruments operations delivered 6x higher net return.

Check the equity research reports by ELANA Trading