March 6 (SeeNews) - Bulgaria's Oil and Gas Exploration and Production [BUL:NGAZ] closed 2022 with a consolidated net profit of roughly 2.5 million levs ($1.4 million/1.3 million euro) excluding minority interest, up from 837,000 levs in 2021, the company said.
Profit after tax including minority interest amounted to 2.53 million levs last year, up from 912,000 levs a year earlier, the company said in an annual financial statement last week.
The company's overall revenue surged to 54.4 million levs last year from 39.5 million levs in 2021. Revenue from sales was the highest in the exploration and production segment, rising to 34.7 million levs in 2022 from 24.5 million levs a year earlier.
Expenses also rose significantly, by 33.7% in 22022, to some 51.5 million levs, predominantly driven by a 47% year-on-year jump in cost of goods sold to 20.3 million levs.
The company's earnings per share went up to 0.20 levs in 2022 from 0.07 levs the year prior.
Oil and Gas Exploration and Production, in which diversified group Chimimport [BUL:CHIM] owns a combined direct and indirect stake of over 64%, consolidates the results of six units, including wholly-owned subsidiary Bulgarian Petroleum Refinery. It also owns 35% in regional energy supplier Kavarna Gas. The group has no direct exposure to Ukraine, Russia or Belarus.
In 2020, the Bulgarian government extended the term of the concession agreement with the company for the Dolni Lukovit crude oil and natural gas deposit by 15 years.
Shares in Oil and Gas Exploration and Production last traded on the Bulgarian Stock Exchange on Thursday when they closed flat at 5.65 levs.
(1 euro = 1.95583 levs)