Bulgaria's Doverie United Holding cons net profit flattish in 2023

The group's total revenue grew by an annual 13%, reaching 594.5 million levs last year, Doverie United Holding said in a financial statement at the end of last month.

Net banking income increased to 218.3 million levs from 194.8 million levs, while net insurance income dropped to 3.2 million levs from 5.3 million levs. Net income from other business segments added 15% year-on-year to 79.3 million levs.

The company's operating costs expanded to 484.3 million levs in the review period from 417.8 million levs in 2022. This resulted from higher interest expenses, costs of goods sold and expenses for remuneration and hired services.

Doverie United Holding owns majority stakes in 16 companies active in various sectors of the economy, including healthcare, construction, banking, retail trade, real estate and others.

In January, Bulgaria’s financial regulator approved a prospectus for an initial public offering of bonds by Doverie worth up to 20 million levs.

Shares in Doverie United Holding last traded on Monday when they closed at 9.10 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)