February 25 (SeeNews) - Bulgarian fertiliser producer Neochim [BUL:NEOH] said on Thursday that it booked a consolidated net profit of 14.9 million levs ($9.3 million/7.6 million euro) in 2020 after recording a net loss of 12.5 million levs in 2019.
The company's expenses dropped to 214.7 million levs in 2020 from 275.4 million levs the year before, as expenses for materials fell to 132.3 million levs from 192.1 million levs, Neochim said in an annual financial statement.
Based on the agreement between Bulgaria and Russia's Gazprom signed in March 2020, which saw a 40.3% retroactive decrease in the agreed price for gas deliveries, Neochim was reimbursed for the overpaid amount in the last few months of 2019 and the first quarter of 2020. The company was reimbursed 5.3 million levs for the August 2019 - December 2019 period, and a further 9.2 million levs for the first quarter of 2020.
The company's revenue declined to 229.8 million levs in 2020 from 261.8 million levs a year earlier, due to a drop in exports.
Neochim booked 107.5 million levs of sales on foreign markets in 2020, down from 165.6 million levs in 2019. Ammonium nitrate exports fell to 80.7 million levs from 125.6 million levs, while ammonia exports declined to 20.6 million levs from 34 million levs.
Domestic sales increased to 112.7 million levs last year, from 90.1 million levs in 2019, due to a rise in ammonium nitrate sales.
(1 euro = 1.95583 levs)