December 1 (SeeNews) - Bulgarian diversified group Doverie United Holding [BUL:DUH] said that its consolidated net profit excluding minority interests grew to 63.4 million levs ($33.85 million/32.4 million euro) in the first nine months of 2022 from 29.2 million levs a year earlier.
Doverie's consolidated operating revenue jumped to 372.7 million levs in the review period from 259.5 million levs in January-September 2021, largely driven by transactions from operations in Moldova, the company said in an interim financial statement earlier this week.
Activities in Moldova, where Doverie United Holding acquired an indirect majority stake in local lender Moldindconbank (MICB) last year, fetched revenue of some 217.1 million levs, or close to 60% of the holding's overall revenue despite the difficult economic environment resulting from the Ukraine war.
Operations in Bulgaria generated revenue of 154.4 million levs in the nine months through September compared to 160.5 million levs in all of 2021.
The strong performance was backed by 36% annual growth in Doverie's total net income from banking operations, to 151.9 million levs. By contrast, net income from insurance operations dropped 5% on the year to 4.45 million levs.
Total expenses grew to 279.1 million levs in the January-September period from 214.1 million levs the year prior, due to increases in costs for hired services and personnel as well as interest expenses.
As at 1043 CET on Thursday, Doverie United Holding shares traded 0.75% lower at 7.94 levs on the Bulgarian Stock Exchange.
Doverie United Holding owns majority stakes in over 20 companies active in various sectors of the economy, including healthcare, insurance, banking, retail trade, real estate, and others.
(1 euro = 1.95583 levs)