Bulgaria's Chimimport doubles net profit in H1, revenue rises

With minority interest included, consolidated net profit increased to 36.4 million levs in the first six months of this year from 19.2 million levs in 2021, the company said in an interim financial report last week.

Chimimport's total revenue in January-June amounted to some 9.3 billion levs, up from 5.96 billion levs in the comparable period of 2021.

The group's net income from insurance activities declined to 22.5 million levs in the review period from 25.3 million levs in the first half of 2021, while net interest income edged down to 65 million levs from 65.5 million levs.

Revenue from non-financial activities grew to 194.1 million levs in January-June 2022 from 121.4 million levs in the same period a year earlier.

The company's expenses widened to about 9.3 billion levs in the period under review from 5.9 billion levs in January-June 2021.

Chimimport has full or majority ownership and investments in over 60 affiliates, including in North Macedonia, Russia, Slovakia and Germany. Among others, the holding holds a stake of 68% in agricultural and energy group Zarneni Hrani Bulgaria [BUL:ZHBG], 77.13% in Bulgarian lender Central Cooperative Bank [BUL:CCB], over 96% in local insurance company Armeec and 100% in Bulgarian Airways Group.

As at 1127 CEST on Thursday, shares in Chimimport traded 2.41% higher at 0.85 levs.

(1 euro = 1.95583 levs)