January 26 (SeeNews) - Bulgarian fertiliser producer Neochim [BUL:NEOH] said on Thursday that its standalone net profit soared to 79.7 million levs ($44.4 million/40.75 million euro) in 2022 from 47.7 million levs in 2021.
The company’s revenue rose to 646.9 million levs last year from 358.5 million levs in 2021, Neochim said in a financial statement.
At the same time, operating expenses expanded to 566.3 million levs from 305.1 million levs as costs for materials shot up to 477.97 million levs from 232.3 million levs. Prices of natural gas, Neochim's main raw material for the manufacture of its products, rose sharply last year as a result of the Russian invasion of Ukraine that fuelled fears of disruptions to supply.
As at CET 1325 on Thursday, shares in Neochim traded 4.48% higher at 42 levs on the Bulgarian Stock Exchange.
In the past months, the company experienced a number of disruptions to production at its ammonia and nitric acid units. Most recently, the firm said on Monday it identified a new technical issue at its ammonia unit.
(1 euro = 1.95583 levs)