January 28 (SeeNews) - Bulgarian machine engineering company Hydraulic Elements and Systems (HES) [BUL:HES] said that it expects to increase its sales revenue by about 32% on an annual comparison basis in the first half of 2022, to 44.4 million levs ($25.3 million/22.7 million euro).
Sales revenue in the first quarter of this year alone is projected at 22.8 million levs, which would represent an increase of 39% year-on-year and a rise of over 40% compared to the like period of 2020, the company said in a financial statement on Thursday.
HES also said its non-consolidated net profit increased to 7.5 million levs in 2021 from 5.7 million levs in 2020, as total revenue went up to 72.9 million levs from 54 million levs. HES' total expenses amounted to 64.5 million levs last year, up from 47.7 million levs in 2020.
Net sales revenue reached 70.8 million levs in 2021, up 39.1% compared to the previous year and 14.7% higher compared to the pre-pandemic 2019.
Sales in EU member states represented over 78% of total sales, up from 74.1% in 2020, the company said.
Sales in the fourth quarter of 2021 alone exceeded by 44% the sales recorded in the same period of 2020 and by 41% the sales in 2019.
Yambol-based HES is part of local industrial group Stara Planina Hold [BUL:SPH].
On Thursday, shares in HES closed flat at 6.20 levs on the Bulgarian Stock Exchange, bourse data showed.
(1 euro = 1.95583 levs)