Fondul Proprietatea posted profit of 3 billion RON in the first nine months

Fondul Proprietatea published its financial results for the nine months ended on 30 September 2021. The profit realized in the first nine months of 2021 was 3 billion RON.

The main contributor to the profit in the first nine months of 2021 was the net unrealised gain from equity investments at fair value through profit or loss amounting to 2,620.3 million RON, generated by OMV Petrom SA as a result of the positive evolution of this company’s share price during the first nine months of 2021 (increase of 370.6 million RON, share price increase of 25.7 percent) and by the increase in the value of unlisted holdings in the portfolio following the valuation update process (mainly due to Hidroelectrica SA, that registered an increase in valuation of 2,104.6 million RON).

Gross dividend income for the nine-month period ended 30 September 2021 included the dividend income earned from the Fund’s portfolio companies, mainly from Hidroelectrica SA (456.0 million RON) and OMV Petrom SA (122.8 million RON).

The total return for the shares traded on the Bucharest Stock Exchange during the third quarter of 2021 was 1.66 percent, while the total return for the local shares traded during the first nine months of the year was 35.07 percent. For the GDRs traded on the London Stock Exchange, the total return in Q3 2021 was -4.68 percent, while YTD the total return was 30.72 percent.