SIF Oltenia and Banat-Crisana exceed expectations

In the first half of this year SIF Oltenia derived net income worth 91.5 million RON (25.8 million euros), the biggest profit of the four financial investment companies that have so far presented their half-year figures. SIF Oltenia’s profit is 70% higher than posted during the corresponding period of last year and 30% above the level budgeted for the entire year.
SIF Banat-Crisana also reported higher than expected income. SIF Muntenia is yet to release its data for the first half, but is also likely to report profits higher than budgeted for the end of June, as the company was very close to its annual budgeted level after the first five months of the year.
SIF Oltenia’s profit is only 4.6% higher than the level registered at the end of May, 38 million RON (10.8 million euros), even though the company in May collected the most important dividends, from banks and from Petrom.
“In May, we collected the dividends from BRD, BCR and Petrom. Last month, the most important source of revenue was the profit from the sale of the majority stake in Avicola Tartaresti and from the exit from Elpreco,” specified Tudor Ciurezu, general deputy manager of SIF Oltenia.
According to company management, the profit the company derived in the wake of the 14.56 million RON deal, through which it sold a stake in Avicola, came to 9 million RON.
In June, SIF Oltenia also collected 6 million RON after it withdrew from Elpreco, as part of the de-listing process the company is undergoing.
SIF Banat-Crisana, which was the top profit maker after the first five months of the year, following the sale of the 24.5 million RON stake it held in Silcotub Zalau, in late June reported profits worth 72.67 million RON (20.5 million euros), around 46% higher compared with the income registered in the same period of last year.
This company’s profit is 27% higher than the net income budgeted for this year. After the first 5 months of the year, SIF Banat-Crisana’s income stood at 64.6 million RON (18.4 million euros).
The other two SIFs that reported H1 financial data, SIF Moldova and SIF Transilvania, posted profits of 26.15 million RON (7.4 million euros) and 35.4 million RON (above 10 million euros), respectively.