March 9 (SeeNews) - Bulgarian bottle cap manufacturer Herti [BUL:HERT] said that its standalone net profit increased to 5.2 million levs ($2.8 million/2.66 million euro) in 2022 from 1.39 million levs a year earlier.
Revenue surged to 90.03 million levs last year from 55.45 million levs in 2021, the company said in a financial statement on Wednesday.
Growth was mainly driven by sales in the EU, excluding Bulgaria, which rose to 58.35 million levs from 41.9 million. Sales in Bulgaria went up to 7.5 million levs from 5.2 million levs while sales in other markets surged to 20.7 million levs from 7.3 million levs.
Herti is selling its products in over 60 countries worldwide, its biggest markets being France, Germany, the UK, Romania and Bulgaria.
The company said its operating expenses expanded to 83.8 million levs in 2022 from 53.55 million levs in 2021 as costs for materials rose to 56.2 million levs from 35.3 million levs.
Despite challenges related to the COVID-19 pandemic and the war in Ukraine, Herti was able to maintain its market share. Looking ahead, the management expects that the company will be able to keep and strengthen its market positions.
Shares in Herti last traded at 2.48 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)