The 20 companies in the main BET index of the Bucharest Stock Exchange (BVB) reported a cumulative net profit of RON 25.4 bln in 2022, 66% more compared to 2021, according to Ziarul Financiar.

Fifteen of them reported higher earnings or switched to profit. At the same time, the blue chips' combined revenues increased by 67.5% to RON 131.4 bln.

"Such a big increase is a good signal normally, except that many firms in BET have majority foreign shareholders and can repatriate profits. The direct impact on the Romanian economy may be limited as a result, but there is also an indirect impact. Because these companies that are present in Romania have more money and at least a part of them give it to employees or make investments in Romania or buy services from other Romanian companies, a multiplier effect occurs, and this generates for the entire economy turnovers and higher profits", argues economic analyst Dragos Cabat.

OMV Petrom (BVB: SNP), the only local oil and gas producer, had the largest contribution to the aggregate profit, as the company's net profit increased by RON 7.4 bln (+ 260% YoY) to RON 10.3 bln.

OMV Petrom being excluded from the calculation, the cumulated net profit of the other 19 companies increased by 21.3% YoY and the revenues by 33.5%, according to the calculations made by the brokerage company Goldring.

iulian@romania-insider.com

(Photo source: Inquam Photos/George Calin)