January 26 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems (HES) [BUL:HES] said on Thursday that its non-consolidated net profit rose to 9.6 million levs ($5.34 million/4.91 million euro) last year from 7.65 million levs in 2021.
The company's total revenue increased to 97.9 million levs in the period under review from 73 million levs a year earlier, it said in an interim financial statement.
Net sales revenue rose by 34.6% to 95.3 million levs in 2022. Sales in the markets of EU member states accounted for 84% of total sales, up from 78% in 2021.
HES reported operating expenses of 87.2 million levs in 2022, compared to 64.5 million levs in 2021. The increase was mainly driven by higher costs of materials, which soared by 50.4% to 55.5 million levs.
The company expects its sales revenue to fall by 3.8% year-on-year to 46.97 million levs in the first half of 2023 due to growing caution among the company's partners in light of global economic instability. At the same time, sales in the first quarter are projected at 22.67 million levs, representing a decline of 3.8% year-on-year and a rise of 38.1% compared to the respective period of 2020.
Yambol-based HES is part of local industrial group Stara Planina Hold [BUL:SPH]. Shares in HES last traded at 6.60 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)