March 5 (SeeNews) - Bulgarian sugar and ethanol producer Zaharni Zavodi [BUL:ZHZA] said its consolidated net profit sank to 994,000 levs ($549,542/508,222 euro) in 2023 from some 32.1 million levs the prior year on the back of higher expenses.
The company’s total revenue grew to 260.2 million levs last year from 236.7 million levs in 2022, Zaharni Zavodi said in a financial statement last week.
Product sales rose by an annual 13% to 237.2 million levs in the review period, while sales of goods lost 16% to 17.7 million levs.
Meanwhile, Zaharni Zavodi's operating expenses widened to 259.2 million levs from 200.8 million levs, primarily due to higher costs for materials and a change in inventory.
Last week, the company said local sugar and confectionery trader Zahar Invest purchased 311,643 of its shares as part of a proposed takeover, raising its stake to 96.876%.
Gorna Oryahovitsa-based Zaharni Zavodi operates several production facilities, including a sugar refinery and a confectionery plant.
Shares in Zaharni Zavodi last traded on February 23 when they closed at 6.20 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)