Krefeld, 20 September 2012. Art Media Agency (AMA).
Through a press release, Weng Fien Art announces outstanding results for the first half of 2012: a €4.9m turnover (+31.8%), a €2.5m gross profit (+52.7%) and a 10.1% decrease in expenses. The net operating profit after tax is €1.3m (+134.2%), which is 75% more than the whole 2011 year.
As mentioned in the release, one may note the increase of turnover does not harm profitability; expenses are even decreasing.
The average price of the works sold has increased by 38% compared to last year. In this period five works over €100,000 have been sold, including a Gabriele Münter painting for €340,000, the company’s most expensive work ever.
Weng Fine Art reminds as well its previsions for the full 2012/2013 fiscal year: a €8.5m turnover for over €2.5m in EBIT and a share benefit of at least €3.60.
Contacted by email, Rüdiger Weng declared: “We are of course very happy with our figures considering the flat market and that we achieved this with a company of just 9 people.”
Since it entered the Frankfort stock exchange in January, Weng Fine Art — now one of the top art trader — maintained a dense financial activity: capital increase, dividends increase, free action programs, participation in the OPA over Artnet, etc. Introduced at €16, the company’s shares are now traded for €85 (+531%).