March 9 (SeeNews) - Bulgarian hydraulic equipment manufacturer M+S Hydraulic [BUL:MSH] said on Thursday that its consolidated net profit surged to 35.5 million levs ($19.14 million/18.15 million euro) in 2022 from 19.4 million levs a year earlier.
The company's revenue jumped to 224.8 million levs last year from 153.8 million levs in 2021, M+S Hydraulic said in an annual financial statement. Product sales generated 213.3 million levs in the review period, up 43% on the year.
At the same time, operating expenses widened to 184.9 million levs from some 132 million levs, after costs for materials increased by an annual 57% to 107.5 million levs and remuneration expenses added 26% to 45.3 million levs.
In December, M+S Hydraulic announced that it had received a binding confirmation of its offer to acquire 90% of Italy's Oleotecno Hydraulic Components Srl - its biggest distributor, for 12.15 million euro. The investment is expected to strengthen M+S Hydraulic's position as a leading global hydraulics manufacturer and increase its strategic presence and market share.
M+S Hydraulic is an affiliate of blue-chip diversified group Stara Planina Hold [BUL:SPH].
Shares in M+S Hydraulic last traded at 10.10 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)