Bulgaria's Monbat more than doubles cons net profit in 2023

Total operating revenue grew to 397.6 million levs last year from 390.3 million levs in 2022, the company said in a financial statement at the end of last month. Consolidated revenue from client contracts climbed by 3.8% year-on-year to 383.8 million levs.

The company's exports amounted to 180.7 million euro ($197.5 million) last year, making up 92.1% of its net sales revenue. France was Monbat's largest market, contributing 18.6 million euro, or 10.3% of the total consolidated export revenue.

The battery maker's expenses widened to 386.6 million levs in the review period from 381.6 million levs a year earlier, chiefly due to higher interest rate costs and other operational expenses.

In January, Monbat's bondholders approved a 60-day delay for its bond's second principal payment amounting to 8.4 million euro, which was due on January 20.

Shares in Monbat last traded on Friday when they closed at 3.32 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)