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Nov 14, 2023 10:31 EEST
November 14 (SeeNews) - Bulgarian IoT products maker Shelly Group [BUL:SLYG] said its consolidated net profit jumped to 19.8 million levs ($10.8 million/10.1 million euro) in the nine months through September from 11.7 million levs in the same period of 2022.
The company's total revenue in January-September surged by an annual 44% to 87.5 million levs, Shelly Group said in an interim financial statement on Monday. Sales of devices generated 86.3 million levs in revenue, up 49% year-on-year.
At the same time, Shelly Group's operating expenses widened to 64.3 million levs in the review period from 47.2 million levs a year earlier as a result of higher costs for hired services and remuneration, along with an increase in the book value of assets sold.
The company consolidates the results of six subsidiaries, five of which are wholly-owned, including Shelly USA, Inc in the U.S. and Germany-based Shelly DACH GmbH.
Last month, Shelly Group said it installed two new production lines at its partner factory in China to expand production capacity and meet growing demand.
As of 0930 CET on Tuesday, shares in Shelly Group traded 1.93% higher at 42.30 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)
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