August 2 (SeeNews) - Bulgarian aluminium products manufacturer Alcomet [BUL:ALCM] said that its standalone net profit surged to some 16.8 million levs ($8.8 million/8.6 million euro) in the first half of 2022 from 1.06 million levs in the same period of last year.
Alcomet's net sales revenue increased to 434.5 million levs in the six months through June from 234.8 million levs in the first half of 2021, the company said in an interim financial statement on Friday.
Goods sold accounted for 423.5 million levs of the total revenue.
The company's expenses increased to 412.6 million levs in the review period from 231.8 million levs a year earlier, mostly due to an 84% surge in expenses for raw materials to 345.8 million levs as well as a 16% rise in personnel remuneration costs.
In terms of volume, Alcomet's total sales edged up by 1.56% on the year to 43,903 mt in the period under review. Sales of extruded products increased 9.63% to 15,530 mt, whereas sales of rolled products dropped 2.37% to 28,373 mt.
Germany remained the company's biggest market in the first half of 2022 with a 18.9% share of all sales, followed by Italy and Poland with 14.8% and 11.1%, respectively.
Alcomet produces household, technical and container foils, sheets and strips, as well as standard and customised profiles.
The company's majority shareholder is Turkey's Alumetal with a 73.25% stake, with the balance of 16.86% held by FAF Metal Sanayii Ve Ticaret.
As at 1358 CEST on Tuesday, shares in Alcomet were trading 0.65% higher at 7.75 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)