Leading car batteries producer in Bulgaria, Monbat, reports all-time-high FY2016 group results, according to preliminary data posted by the Company.
The Company announced 7.21% y/y rise in consolidated top line to BGN 263.7m for FY2016 on both rising volumes and surging LME prices. This is the strongest top line result for the Group ever.
Batteries producer profits also make history
Profitability is also at all time high with EBITDA announced at BGN 48.1m, up 23.6% y/y and yielding record 12M EBITDA margin of 18.2%.
Earnings before taxes stood at BGN 32m, up 27% y/y. The preliminary results beat our expectations and are in line with management guidance.
Management claimed 2016 historical
Earlier in January, Monbat’s CEO Atanas Bobokov said to local media he expected record FY2016 with fully realized plans and a fairly valued stock at a EUR 190 m market cap. He defined 2016 as historical for the Company both on an individual and group level as it realized its fairly ambitious plans both for the top and bottom line. He said the Company achieved best profitability, best volume sales, biggest investments, strongest net income rise and biggest new capacity utilization in a year.
Bobokov also reiterated management plans to keep the current dividend policy saying that last year’s dividend was a “fair and positively valued dividend in a year of intensive investment”. In 2015, Monbat distributed a record high dividend – BGN 10.9m or BGN 0.28 dividend per share yielding 3.4%.
33% capital gains from Monbat shares in 12 months
Bulgarian stock market investors followed Monbat superb performance and that was registered in the stock surging 32,45% to BGN 9,802 in the last 12 months.
Monbat is a key component of Sofia bourse main index SOFIX.
Monbat Group of Companies
Monbat Group of Companies is a leading European manufacturer of lead-acid batteries for various applications. During the last 10 years the Group proved to be also a leading producer of lead and lead alloys through its subsidiary Monbat Recycling EAD. Monbat Group of Companies consists of: MONBAT PLC – manufacturer of starter lead-acid batteries and AGM batteries for various applications; START PLC – manufacturer of lead-acid starter batteries for trucks, buses, heavy-duty automotive and road Construction Equipment; MONBAT RECYCLING EAD – recycling of lead and lead alloys; OCTA LIGHT PLC – manufacturer of powerful high-brightness light emitting diodes and LED luminaries.