January 28 (SeeNews) - Bulgarian cable and wire manufacturer Emka [BUL:EMKA] said that its net profit grew to 6.8 million levs ($3.9 million/3.5 million euro) in 2021 from 3.6 million levs a year earlier on the back of higher revenue.
Emka’s total revenue jumped to 139.3 million levs in 2021 from 92.8 million levs in 2020, the company said in a financial statement on Thursday.
Expenses increased to 131.8 million levs from 88.8 million levs, with expenses for materials rising to 117.6 million levs from 77 million levs.
Emka also said that in June it signed a 1.5 million euro ($1.7 million) investment loan agreement with United Bulgarian Bank (UBB) to finance its capital expenses, with a repayment deadline in October 2025.
In August, the cable maker signed a 2.0 million euro contract for working capital with Raiffeisenbank Bulgaria, to mature in June 2024. It also increased the existing working capital contract with UBB, set to mature in November 2022, to 1.6 million euro from 600,000 euro.
Shares in Emka closed 2.31% higher at 3.54 levs on the Bulgarian Stock Exchange on Thursday.
(1 euro = 1.95583 levs)
($ = 0.8943 euro)
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