Bulgaria's Oil&Gas Exploration and Production grows 2023 cons profit

Profit after tax, including minority interests, amounted to 2.88 million levs in 2023, compared to 2.67 million levs reported a year earlier, the company said in an annual financial statement at the end of February.

Total revenue dropped to 45.1 million levs in the review period from 54.8 million levs in 2022. Revenue from production activities slid by an annual 25% to 18.9 million levs, while sales of goods went down 12% to 21.9 million levs.

In parallel, the company's operating expenses shrank to some 41.9 million levs from 51.7 million levs on the back of lower costs for materials, goods sold and other operational expenses.

Oil and Gas Exploration and Production consolidates the results of six units, including wholly-owned subsidiary Bulgarian Petroleum Refinery.

Shares in Oil and Gas Exploration and Production last traded on February 29 when they closed at 6.25 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)