Bulgaria's Emka net profit, revenue fall 16% in 2023

Emka's operating revenue declined by an annual 16% to 136.6 million levs last year, the company said in a financial statement. Domestic sales totalled 38.4 million levs in 2023, while sales abroad came in at 95.5 million levs.

The company's expenses also narrowed in the review period, to 126.9 million levs from 150.5 million levs the prior year. This was chiefly due to a 17% drop in expenses for raw materials to 111.4 million levs.

In the third quarter of 2023, Emka doubled its equity capital to 43.4 million levs by converting profit into equity. The company also installed a 0.99 MW photovoltaic system for own use last year, it said.

As of 1430 CET on Thursday, shares in Emka traded 0.99% lower at 2.00 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)