Transilvania Investments ends the first nine months of this year with a net profit of RON 151.99 million, 176% higher than the profit recorded in the third quarter of the year 2022. The financial results for the first three quarters are directly influenced by the increased performance of the companies in which the investment fund is a majority shareholder.
As at September 30th, 2023, Transilvania Investments' net income reached RON 172.42 million, an increase of almost 136% in comparison to the same date last year. Dividends collected from companies of Transilvania Investments' portfolio represent a significant part of revenues, with a notable increase in dividends from companies in which the fund holds a majority stake.
"The changes we have made over the past two years in the development strategy of the companies in which we are a majority shareholder are beginning to bear fruits. The transition to profit of THR Marea Neagră, whose business model has radically changed, the very good results achieved by Aro Palace Brasov, as well as other decisions implemented, have directly influenced the dividends collected from the companies in which we are majority shareholder. Their value has increased significantly compared to the value on 30 September 2022 thus demonstrating the capability of these companies to become relevant in their industries, to make investments and to increase their operating income. Beyond the numbers, we have set a common vision for our portfolio companies, with the focus on increasing the performance that investors expect from us", says Radu Roșca, CEO of Transilvania Investments.
Transilvania Investments reported at the end of the first nine months a net asset value of RON 1,585.52 million, up by 23.8% compared to the same period of the previous year. The value of total assets held by the fund, as at September 30th, is RON 1,675.62 million, up by 24.4% compared to the same period of the previous year.
In the last nine months, Transilvania Investments has completed a number of key projects in line with its portfolio asset development strategy. Turism Felix completed the first phase of the development of Aqua Park Venus, an EUR 14 million investment. Aro Palace Brasov will finalize early next year the selection of the suppliers that will manage the large-scale modernization project of the Capitol Hotel which is to be reopened in 2025 as Mercure Brasov Center, following the association with the Accor group.
More information can be found in the Quarterly Report 30.09.2023: https://transilvaniainvestments.ro/wp-content/uploads/2023/11/Raport-T3-2023-Transilvania-Investments-EN.pdf
Brasov, November 15th, 2023
