The years when dividends collected for the stakes held in banksfuelled SIFs' profits are gone, and SIF Moldova expects the cashraised from the sale of some stakes in its portfolio to support its120m-euro investment programme earmarked for this year.
With net assets under management worth 1.135bn RON (266m euros),SIF Moldova (SIF2) was a dynamic player on the Stock Exchange yearand managed to be the most profitable among the five financialinvestment companies, reporting net income worth 98.7m RON (23meuros) for the first 11 months of 2010. The company exceeded theprofit target set for 2010, of 55m RON, as early as the first halfof the year.
"For this year, we target an increase by at least 5-7% in profitand by 5% in revenues against the indicators budgeted for 2010,"said Costel Ceocea, the company's chairman.
SIF Moldova invested 140m RON (33m euros) last year to diversifyits portfolio and for this year has earmarked an investmentprogramme of 100-120m RON (28m euros). The company starts the yearwith cash of around 60m RON (14m euros) placed in bankingdeposits.
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