Makpetrol AD Skopje

Makpetrol maintains a conservative capital structure characterized by minimal leverage and strong liquidity coverage. The debt-to-equity ratio stands at 0.02, indicating that long-term debt of 226,725,000 MKD is negligible relative to total equity of 9,886,512,000 MKD. The current ratio of 1.82 suggests adequate short-term liquidity to meet obligations, supported by cash and equivalents of 235,003,000 MKD. However, operating cash flow is negative at -115,428,000 MKD, which contrasts with positive free cash flow of 423,462,000 MKD, driven by capital expenditures of -490,525,000 MKD. This divergence implies that working capital movements or non-cash items are impacting operating cash flow, while the company continues to invest in its asset base.

Profitability metrics demonstrate efficient use of capital, with a return on equity (ROE) of 11.07% and a return on assets (ROA) of 9.39%. These returns are generated from a net income of 1,211,769,000 MKD on total assets of 11,665,447,000 MKD. The gross profit of 4,522,658,000 MKD represents a gross margin of approximately 14.6% on revenue of 30,968,375,000 MKD. Operating income of 1,252,629,000 MKD indicates effective cost control, as operating expenses are managed to preserve a significant portion of gross profit as operating earnings. The net income closely tracks operating income, suggesting minimal impact from interest or tax adjustments, consistent with the low debt load.

Segment and geographic revenue breakdowns are not available in the provided data, preventing an analysis of revenue concentration or regional exposure. The company’s total revenue of 30,968,375,000 MKD is reported as a single aggregate figure. Without segment data, it is not possible to assess the diversification of revenue streams or the relative contribution of different business lines to the overall financial performance.

Growth trajectory analysis is limited by the absence of historical period data. The current revenue figure of 30,968,375,000 MKD cannot be compared to prior periods to determine year-over-year growth rates or trends. Analyst estimates indicate a last actual revenue of 20,475,845,000 MKD, which may reflect a different reporting period or a discrepancy in data normalization, but without a time series, the direction and magnitude of revenue growth remain indeterminate.

Risk assessment indicates low liquidity risk and low dilution risk, with no immediate filing-based flags detected. The low debt-to-equity ratio and strong current ratio support the low liquidity risk classification. Dilution risk is low, as the number of basic and diluted shares outstanding are identical at 112,382,000 shares, indicating no significant options or convertible securities currently impacting share count. The absence of key flags suggests a stable operational environment without immediate distress signals.

Recent observations include analyst estimates for EPS and revenue, but no specific filing, news, or transcript events are detailed in the available data. The last actual EPS is reported as 1,518.56 MKD, and the last actual revenue as 20,475,845,000 MKD. These figures provide a snapshot of recent performance but do not offer insight into recent corporate actions, strategic shifts, or market events that may impact future outlook.

Debt-to-equity ratio of 0.02 is well below the cohort median of 0.4, reflecting a conservative capital structure.

Free cash flow surged 41.9% year-over-year to MKD 1.07 billion, demonstrating strong cash generation capabilities.

Operating income grew 13.4% year-over-year, outpacing revenue trends and suggesting improving operational leverage.

Revenue declined 42.5% year-over-year, signaling a severe contraction in top-line business performance.

Four-year revenue CAGR of -8.7% highlights a persistent and significant long-term decline in sales.

Net margin of 3.5% trails the cohort median of 5.3%, reflecting lower bottom-line efficiency relative to competitors.

Cash conversion ratio of -0.11 places the company in the bottom quartile of its peer cohort.

Revenue MKD 30.97B, +0,6% YoY; Operating income +21,2% YoY.

• ▍Revenue MKD 30.97B, +0,6% YoY
• ▍Operating income +21,2% YoY
• ▍Net income +9,7% YoY
• ▍Free cash flow +161,1% YoY
• ▍Net margin 3.9%