Transilvania Investments profit surges 176pct nine months into 2023

Transilvania Investments profit surges 176pct nine months into 2023

Transilvania Investments has reported a net profit of RON 151.99 million for the first nine months of 2023, 176% higher y-o-y.

On September 30, the net income of Transilvania Investments was RON 172.42 million, a positive jump of almost 136% y-o-y. Dividends received from the companies in the Transilvania Investments portfolio had an important share in the income, and the increase in dividends from the companies in which the fund holds the majority stake was noted.

"The changes brought, in the last two years, in the development strategy of the companies in which we are the majority shareholder, are beginning to bear fruit. The transition to profit of THR Marea Neagra, whose business model has changed radically, the very good results recorded by Aro Palace Brasov, and also other implemented decisions, directly influenced the dividends received from the companies in which we are the majority shareholder. Their value increased significantly compared to the value on August 30, 2022, thus demonstrating the ability of these companies to become relevant in their industries, to make investment and to increase their operating income. Beyond the numbers, we have set a common vision for the companies in the portfolio, in which the focus is on increasing the performance that investors expect from us," says Radu Rosca, executive president of Transilvania Investments, in a press statement released on Wednesday.

The company reported at the end of the first nine months net assets of RON 1.585 billion, up 23.8% y-o-y. The value of the total assets held by the fund as of September 30 was RON 1.676 billion, an increase of 24.4% y-o-y.

In the last nine months, Transilvania Investments carried through a series of key projects in accordance with the strategy of developing the assets in its portfolio. Turism Felix completed the first phase of the development of Aqua Park Venus, an investment of EUR 14 million. Aro Palace Brasov will complete, at the beginning 2024, the selection of suppliers who will manage the extensive modernisation project of the Capitol Hotel, which is to be reopened in 2025 under the name Mercure Brasov Centre, following an association with the Accor group.

Transilvania Investments is one of the largest investment funds in Romania, listed on the Bucharest Stock Exchange, under the symbol TRANSI. The fund's mission is to maximise investors' returns, by managing a complex portfolio of assets that includes companies from the financial, tourism, real estate, energy and IT sectors.