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Bulgaria's Allterco 9-mo cons net profit doubles on sharp revenue increase

Bulgaria's Allterco 9-mo cons net profit doubles on sharp revenue increase Author: Allterco / All rights reserved.

SOFIA (Bulgaria), November 26 (SeeNews) - Bulgarian IoT products developer Allterco [BUL:A4L] said that its consolidated net profit excluding minority interest went up to 10.0 million levs ($5.8 million/5.1 million euro) in the first nine months of 2021, from 5.3 million levs in the same period of last year.

Allterco’s consolidated revenue jumped to 39.5 million levs in the first nine months of 2021 from 29.6 million levs a year earlier, mainly due to an increase in revenue from the sale of goods, to 38.4 million levs from 23.8 million levs, Allterco said in an interim financial statement on Thursday.

The company's operating expenses also increased - to 28.1 million levs in the review period, from 23.5 million levs the year before, as cost of goods sold rose to 17.9 million levs from 9.6 million levs.

Last month, Allterco said that its consolidated sales of IoT devices and related services rose by an annual 55% to 37.8 million levs in the nine months through September. The sales of devices from the company's home automation brand Shelly rose 62% on the year in the January-September period, while sales from the kids smartwatches brand MyKi fell 19%, Allterco said at the time.

Earlier this week, Allterco's shares started trading on the Prime Standard market segment of the regulated market of the Frankfurt Stock Exchange. Allterco expects to book revenues of 27.8 million euro for 2021 and 41.8 million euro for 2022, it said at the time.

As at 10:35 CET on Friday, shares in Allterco traded 7.52% lower at a price of 24.60 levs on the floor of the Bulgarian Stock Exchange. By the same hour, the company's shares traded 5.15% lower at 12.90 euro ($14.5) on the Frankfurt Stock Exchange.

(1 euro = 1.95583 levs)