January 31 (SeeNews) - Bulgarian aluminium products manufacturer Alcomet [BUL:ALCM] reported a standalone net profit of 57.4 million levs ($31.7 million/29.35 million euro) for 2022, swinging from a loss of 140,000 levs in 2021.
Revenue rose to 714.9 million levs last year from 521.2 million levs in 2021, the company said in a financial statement on Monday.
Sales climbed to 711.4 million levs from 519.7 million levs. The rise, however, mainly reflects increased prices of raw materials as well as higher sales premiums, the company said.
In terms of volume, sales decreased to 71,494 mt from 86,791 mt. Overall, the war in Ukraine led to a rise in energy prices, which slowed down business activities in key foreign markets for Alcomet, including Germany and Poland, Alcomet said. According to the statement, 20.1% of Alcomet sales were generated on the German market, followed by Italy with 14% and Poland with 11.9%.
The company’s operating expenses expanded to 644 million levs in 2022 from 517.06 million levs 2021 as costs of materials jumped to 545.9 million levs from 468.6 million levs. Alcomet also booked higher expenses for external services and remuneration costs.
Following the news of return to profit, shares Alcomet closed 6.13% higher at 8.65 levs on the Bulgarian Stock Exchange on Monday.
Alcomet produces household, technical and container foils, sheets and strips, as well as standard and customised profiles.
(1 euro = 1.95583 levs)