February 24 (SeeNews) - Bulgarian fertiliser producer Neochim [BUL:NEOH] said on Friday that its consolidated net profit soared to 79.4 million levs ($43.1 million/40.6 million euro) in 2022 from 46.7 million levs a year earlier.
The company's operating revenue grew by an annual 80% last year, reaching 647.8 million levs, Neochim said in a financial statement.
At 568.3 million levs, Neochim's operating expenses increased by 85% in annual terms. Expenses for materials jumped to 478 million levs from 232.4 million levs as the cost of natural gas more than doubled to 418 million levs.
Neochim recorded 356.1 million levs in exports last year, up from 167.7 million levs in 2021. Ammonium nitrate exports added 130% on the year to 249.2 million levs, while exports of ammonia surged to some 100 million levs from 55.8 million levs.
Domestic sales also climbed in the review period, to 270.4 million levs from 183.2 million levs the previous year, chiefly due to a 50% rise in ammonium nitrate sales.
Neochim faced a number of manufacturing disruptions in recent months. Earlier this week it announced that it had resumed operations at its ammonia manufacturing unit, after it solved technical issues reported on January 10 and January 23.
As of 1330 CET on Friday, shares in Neochim traded 5.10% higher at 41.20 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)