Romanian smartphone producer iHunt (HUN), one of the fastest-growing companies listed on the Bucharest Stock Exchange, increased its turnover by 71% last year, to RON 42.6 mln (EUR 8.78 mln), according to its preliminary financial report.

The net profit went up almost ten times compared to 2019, to RON 6.15 mln (EUR 1.27 mln).

The growth in online retail as well as the development of B2B sales have contributed to the sales growth, according to iHunt founder and CEO Cezar Catalin Stroe.

The net profit increase was also due to a competitive logistics system and solid relations with Chinese suppliers built over the years, Stroe said.

Last year, the company launched 20 new smartphone models. The devices are assembled in China under the iHunt brand.

iHunt’s share price surged 7.5 times in the last 12 months and almost 60% since the beginning of this year. The company currently has a market capitalization of RON 78.4 mln (EUR 16 mln), 1.8 times its 2020 turnover (P/S) and 12.7 times its net profit (P/E).

Cezar Catalin Stroe owns 75% of iHunt and his stake is now worth EUR 12 mln.

(Photo: iHunt Facebook Page)

andrei@romania-insider.com