July 27 (SeeNews) - Bulgarian textile company Mak [BUL:MAK] said on Thursday that its standalone net profit surged to 3.72 million levs ($2.1 million/1.9 million euro) in the first six months of 2023 from 893,000 levs in the comparable period of last year as revenue more than doubled.
The company’s total operating revenue rose to just under 30 million levs in the January-June period from 12.1 million levs a year earlier, Mak said in an interim financial statement.
Sales to EU markets tripled to 15.3 million levs in the review period from roughly 5 million levs a year ago, and represented 52% of total sales compared to 42% in the first half of 2022. In parallel, domestic sales doubled, to 14.1 million levs from 6.8 million levs, although their share of the total slipped to 48% from 58%.
The company's expenses widened to roughly 26 million levs from 11.2 million levs, mainly due to a jump in costs of goods sold to some 13 million levs from 4.9 million levs.
Gabrovo-based Mak specialises in the production of police, firefighter, military and healthcare uniforms, with a portfolio of over 400 textile products.
Shares in Mak last traded at 31.00 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)