BELEX indices were up on a weekly basis, this time, mainly due to advance at NIS and Belgrade Airport. BELEX15 added 1%, while broad BELEXline was up 0.76%.
From the corporate side, NIS was a topic. The company reported consolidated net profit for FY 2018 at RSD 25.1bn, down 7%, on higher depreciation, fx loss from 1Q and reduced profitability from 4Q18. The result can be seen as only slightly worse than expected, even though consensus does not exists. Annual EBITDA indicator RSD 53.7 billion, i.e. 14% more than in 2017, due to higher oil prices in average and cost efficiency measures. The company’s sales were up 20% to RSD 281bn, on higher prices and higher volume. The stock was up 2.1% w/w.
From the macro side, Serbia's gross domestic product (GDP) grew by a real 3.4% year-on-year in the fourth quarter of 2018, the country's statistical office said on Friday. On a quarterly comparison basis, Serbia's economy expanded by 0.3% in the fourth quarter of 2018, the statistical office said.