March 2 (SeeNews) - Bulgarian battery manufacturer Monbat [BUL:MONB] said its consolidated net profit soared to 7.9 million levs ($4.32 million/4.04 million euro) in 2022 from some 3 million levs a year earlier.
Total revenue increased to 396.5 million levs last year from 380 million levs in 2021, Monbat said in an annual financial statement on Wednesday. Revenue from sales went up to 375.5 million levs from 367.4 million levs.
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The group generated 93% of its sales revenue from exports in 2022. Germany was Monbat's largest market, accounting for 9.5% of the company's exports, followed by Italy with 7.6%. The domestic market generated 26.2 million levs last year, or 7% of Monbat's overall sales revenue.
Operating expenses stood at 387 million levs against 356.3 million levs in 2021 as costs for materials added an annual 9% to 260.4 million levs.
Last month, Monbat said that its Italian subsidiary STC and US-Singaporean ACE Green Recycling signed a memorandum of understanding to look into developing battery recycling facilities and equipment supply.
As of 1340 CET on Thursday, shares in Monbat traded 2.35% higher at 4.36 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)