Energoprojekt Profit Soars 81% on New Contracts, Costs

Energoprojekt Holding AD, a Serbian engineering group, said its profit jumped 81 percent last year after winning new contracts and cutting costs.

Net income climbed to 504.8 million dinars ($5.9 million) from 277.6 million dinars a year earlier as sales increased 19 percent to 1.05 billion dinars and costs fell 13 percent to 505.2 million dinars, the Belgrade-based company said in a regulatory filing today.

“The whole system performed better than in 2011, with about 20 percent more work” on average in Ghana, Uganda and Nigeria, as well as in the Middle East, including Qatar and Abu-Dhabi, Chief Financial Officer Dimitraki Zipovski said in a phone interview today.

The company, in which the Serbian government holds a 33.6 percent stake, expects further growth in 2013 as the value of its current contracts exceeds 500 million euros ($654 million), he said.

The holding group is active in 19 countries and its businesses include road building, consulting, information technology and insurance.

Energoprojekt shares rose 0.2 percent to 672 dinars in Belgrade today, valuing the company at 6.7 billion dinars.

Before it's here, it's on the Bloomberg Terminal.