Romania’s largest investment fund, Fondul Proprietatea (FP), posted a net profit of RON 1.94 billion (EUR 413 million) in the first nine months of this year, double compared to the same period last year, according to data released on November 15 on the Bucharest Stock Exchange.

A significant increase in the value of its portfolio, particularly the stake in oil and gas group OMV Petrom, as well as the higher dividends received from the portfolio companies were the main drivers of the positive dynamics.

The gross annual dividend income accounted for RON 723 million, while the positive net change in fair value of equity investments contributed RON 1.27 bln to the fund’s revenues.

The stake in OMV Petrom recorded the highest increase in value as a result of the 41% increase in the company’s share price.

Fondul Proprietatea reported a net asset value (NAV) of RON 10.74 bln (EUR 2.26 bln) and a NAV per Share of RON 1.557, on September 30, 2019.

The NAV per share increased by 17.8% compared to December 31, 2018. The fund’s shares were trading at a discount of 23.6% to the NAV per share, at the end of September.

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editor@romania-insider.com