Bulgaria's Neochim more than trebles H1 net profit despite soaring natgas price

Neochim's revenue in the January-June period increased to 403.7 million levs from 148.7 million levs a year earlier, the company said in an interim financial report.

The fertiliser maker, which uses natural gas as its main raw material, saw its expenses surge to 327.3 million levs in the review period from 126.4 million levs in the first half of 2021, almost entirely due to expenses for materials going up to 283.2 million levs from 95.8 million levs.

The total headcount of the group as of end-June amounted to 783, with salary costs rising to 15.2 million levs in the review period from 13.7 million levs the year prior.

Neochim's earnings per share (EPS) went up to 29.25 levs as at end-June from 8.37 levs a year earlier.

The company consolidates the results of wholly-owned local security services subsidiary Neochim Protect as well as Neochim Tarim in Turkey, in which it owns a 99.92% stake.

As at 1304 CEST on Wednesday, Neochim shares traded 0.51% higher at 39.20 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)