March 2 (SeeNews) - Bulgarian IoT products developer Allterco [BUL:A4L] said that its consolidated net profit excluding minority interest rose to 15.5 million levs ($8.8 million/7.9 million euro) in 2021, from 13.9 million levs in 2020.
Allterco’s consolidated revenue increased to 61.3 million levs last year from 50.8 million levs in 2020, mainly due to a rise in revenue from the sale of goods, to 59.3 million levs from 38.5 million levs, Allterco said in an annual financial statement on Tuesday.
The company's operating expenses increased to 43 million levs in the review period, from 35.8 million levs in 2020, as the cost of goods sold rose to 25.5 million levs from 18.7 million levs.
Last month, Allterco said that its consolidated sales of IoT devices and related services grew by 51% year-on-year in 2021, reaching 59.5 million levs. Sales of devices from the home automation brand Shelly grew by 62% last year, whereas sales of the MyKi brand of tracking devices for kids dropped by 21%, mainly due to pandemic-induced restrictions on mobility in foreign markets to which these devices are exported, Allterco said back then.
The company's earnings before interest and taxes, amortisation and depreciation (EBITDA) doubled to 19 million levs in 2021.
"With the establishment of a new subsidiary in Germany and the associated company in China, as well as the secondary listing in Prime Standard of the Frankfurt Stock Exchange, we have set the right path for future growth. Thanks to our production in China and in particular the direction of expansion to Western Europe, the U.S., and South America, we expect little, if any, impact of the current geopolitical situation on our growth," said Allterco's CEO Dimitar Dimitrov.
(1 euro = 1.95583 levs)