KONČAR reports Q1 2024 results
The company has announced the results from the first quarter of the fiscal year.
Gordan Kolak, KONČAR Group CEO (Photo: Davor Puklavec/PIXSELL)
Croatia, Zagreb: KONČAR has reported its Q1 2024 results. The company has continued its growth trend across all business areas. Consolidated revenues from the sale of products and services were €210 million, a 22.5% increase compared to the same period in 2023, while the export share in total revenues reached a record 71.2%. Newly contracted jobs amount to €387.2 million, of which 83.1% are from the export market. The backlog is at €1.6 billion, an increase of €177.2 million from the end of 2023, while the realized net profit is €28.4 million, almost three times higher than in Q1 2023.
In the first three months, there was a continued trend of high demand for power equipment. KONČAR – Distributivni i specijalni transformatori was the most successful company, achieving excellent results in all segments of its operations during the period. There was a high demand in the EU market – the participation of EU countries in the total contracted jobs in export markets amounts to nearly 84%. The achieved EBITDA is €34.9 million, while the EBITDA margin reached a record 16.6%.
“We are particularly pleased with the fact that newly contracted jobs continue to grow significantly more than revenues, and in open commitments, the backlog for the coming years, 2025 and beyond, has reached nearly €800 million. In addition, we have continued to invest in expanding and modernizing production capacities and in the green and digital transformation of KONČAR. It is important to emphasize that CAPEX in the first quarter of this year was double that of the same period last year, amounting to nearly €11 million,” states Gordan Kolak, CEO of KONČAR.
The restructuring process of the KONČAR Group has also continued, and the process of merging the companies KONČAR – Inžinjering and KONČAR – Energetika i usluge into the parent company (KONČAR d.d.) has begun. The new organizational-operational model should enable stronger synergy within the KONČAR Group companies with the aim of more efficient delivery of complex solutions with the highest added value. Also, the KONČAR Group’s Strategy for Sustainable Development 2024-2026, adopted in March this year, holds an important place among significant activities.
Source: KONČAR Group