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Bulgaria's Mak doubles net profit in 2020, boosts revenue

Author Mario Tanev
Bulgaria's Mak doubles net profit in 2020, boosts revenue wrangler/Shutterstock.com

SOFIA (Bulgaria), January 28 (SeeNews) - Bulgarian textile company Mak [BUL:4MK] said that its standalone net profit doubled to 4.4 million levs ($2.7 million/2.3 million euro) in 2020 from 2.2 million levs in 2019.

Mak's revenue grew to 32.2 million levs last year from 23.8 million levs in 2019, the company said in an annual financial statement, published on Wednesday.

In 2020, Mak launched production of protective clothing for healthcare workers in view of the shortage caused by the coronavirus pandemic, which supported its revenue rise.

The company's expenses increased to 27.5 million levs in 2020 from 21.5 million levs in 2019, due to higher expenses for materials and cost of goods sold.

Gabrovo-based Mak specialises in the production of police, firefighter and military uniforms, and has a portfolio of over 400 products. 

(1 euro = 1.95583 levs)

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