Bulgaria's Herti raises net profit on higher revenue in 2021

Herti's revenue grew to 60 million levs last year from 47 million levs in 2020, the company said in an annual financial statement on Friday.

The bottle cap maker's expenses went up to 58.2 million levs in 2021 from 45.7 million levs the year before, mostly due to higher material costs.

In the beginning of 2021, Herti introduced a new computer-to-plate technology, thus reducing production time, errors and scratches on plates and improving quality, as well as lowering expenses and reducing waste.

In June, Herti received the go-ahead for a 1.7 million euro ($1.9 million) project for the implementation of green innovative production processes, funded by the Norwegian finance mechanism 2014-2021.

In view of the rise of the costs of materials used by the company since early 2021, Herti plans to increase the selling prices of its products in 2022, it said.

Shares in Herti last closed at 1.36 levs on Sofia bourse's BaSE market, bourse data showed.

Established in 1993, Shumen-based Herti produces over 1 billion bottle caps per year.

(1 euro = 1.95583 levs)