Ceconomy Turns To Profit In FY24, Sees Growth Ahead; Stock Climbs

(RTTNews) - Shares of Ceconomy AG (MTAGF.PK, MTTRY.PK) were gaining around 8 percent in the morning trading in Germany after the consumer electronics retailer reported a profit in its fiscal 2024, compared to prior year's loss, on sales growth. The company also said it projects growth ahead, and is well on track to meet its medium-term targets.

For fiscal 2024, net profit was 77 million euros, compared to prior year's loss of 37 million euros. Earnings per share were 0.16 euro, 0.24 euro higher than last year. Adjusted earnings per share were 0.22.

Adjusted EBIT rose 26 percent to 305 million euros from 243 million euros a year ago.

Sales grew 5.3 percent from last year to 22.4 billion euros from last year's 22.2 billion euros, with growth in all four quarters.

Looking ahead, the company projects moderate increase in currency and portfolio-adjusted total sales, with contribution from all segments. The company further projects significant increase in adjusted EBIT, driven by DACH and Western/Southern Europe.

On the XETRA, Ceconomy shares were trading at 3.1740 euros, up 7.52 percent.

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