March 2 (SeeNews) - Bulgarian battery maker Monbat's [BUL:MONB] consolidated net profit surged to 18.8 million levs ($10.6 million/9.6 million euro) in 2021 from 1.3 million levs a year earlier, buoyed by a 24% growth in revenue.
Total revenue stood at 384.9 million levs in 2021 against 310.9 million levs in 2020, according to the company's annual financial statement published on Tuesday. Revenue from sales amounted to about 373 million levs, increasing 22.7% from 304 million a year earlier.
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The group derived 91.65% of its 2021 sales revenue from exports. Germany remained Monbat's largest market in 2021, representing 10.84% of the company's total export activity last year. Italy followed suit, accounting for about 8% compared to just 2.45% of sales in 2020. Monbat's sales in Russia inched up by just over half a percentage point to 5.7%.
The home market, for its part, generated sales of 31.15 million levs, or 8.35% of the battery maker's overall sales revenue.
Monbat's expenses climbed to some 362 million in 2021 compared to 307.6 million levs in 2020. That was due partly to expenses for materials amid a sharp increase in the price of lead, which returned to pre-pandemic levels from 2018.
In 2021, Monbat agreed to incrementally acquire 60% of Tunisian Company of Batteries NOUR for 10.3 million euro.
(1 euro = 1.95583 levs)