January 26 (SeeNews) - Bulgaria's Odessos Shiprepair Yard [BUL:ODES] said on Thursday that its net profit soared to 17.4 million levs ($9.68 million/8.9 million euro) in 2022 from 5.6 million levs a year earlier.
Total revenue rose by 42.3% to 79.3 million levs in annual terms last year, the company said in an interim financial statement.
Odessos repaired 65 ships last year, up from 56 in 2021. Ship repairs generated 75 million levs in revenue, up from 52.2 million levs .
The company's operating expenses went up to 61.8 million levs in 2022 from 50.2 million levs in the prior year, mostly due to a surge of 80.6% in costs for materials and 33.8% higher expenses for hired services.
Shares in Varna-based Odessos Shiprepair Yard last traded at 144 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)