May 16 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] expects its revenue from sales of IoT devices and related services to jump to 72 million euro ($78.3 million) in 2023 from 47.6 million euro last year.
The company projects earnings before interest and taxes (EBIT) of over 17 million euro this year, up from 10.4 million euro in 2022, Allterco said in a bourse filing on Monday.
In the medium term, Allterco forecasts an average annual growth of 43.2% to a target revenue of more than 200 million euro in 2026, driven by its efforts to expand its activities and launch new products.
The company also aims to surpass 50 million euro in EBIT in 2026, with an average annual rise of 48.1%.
In a separate statement on Monday, Allterco said its consolidated net profit increased to some 6 million levs ($3.3 million/3 million euro) in the first quarter of this year from 3.9 million levs in the like period of 2022, as revenue surged to 27.7 million levs from 17.6 million levs.
As of 1540 CET on Tuesday, shares in Allterco traded 2.69% higher at 22.90 levs on the Bulgarian Stock Exchange.
($ = 0.9195 euro)