BELEX15 was down again on a weekly basis – this time it was 1.89% w/w, mainly due to additional 28% drop at Belgrade Airport (AERO), while broad BELEXline lost 0.94%.
Belgrade Airport was the most trade name, with RSD 241m in volume. The company scheduled its GA for 18tj March, when decision on dividend payment should be approved. Given the company’s statutory documents and proposed decision on profit distribution for 2018, which incorporates one-off concession fee, we have all reasons to believe that 31.st December is a record date for cash dividend payment. Concession fee was incorporated into the company’s revenues for 2018, thus result is under huge impact of this item. On Friday, new document appeared where it was said that tax expenses were incorrect in shown 2018 statements, as some revenues were excluded from taxation base. Corrected version of financial statements should be reported soon.
Komercijalna Banka (KMBN) was up 6.3% w/w and this was the second most traded name, with RSD 43.5m traded. The bank reported RSD 8.1bn in its FY 2018 net profit, which is flat y/y, due to exceptionally high tax gain in 2017, which impacted net profit line a year ago. The bank’s pre-tax profit was up 14% y/y, on higher net interest income (+3.2% y/y), improved F&C income (+4% y/y), excellent cots control, while gains on securities trading also contributed. The result was expected, given that fact that bank’s balance sheet was cleaned from huge amount of NPL’s in 2015-2016 period.
From the macro side, January’s 2019 consumer prices in Serbia rose by 0.4% on average compared to December last year and by 2.1% compared to January 2018, the national statistical office RZS said in a statement.