Bulgaria's Shelly Group grows 2023 non-cons net profit sevenfold

Shelly Group's total operating revenue more than doubled to 11.5 million levs in 2023 from 4.6 million levs a year earlier, the company said in a financial statement on Tuesday. The rise was driven by higher dividend income, which went up to 11 million levs from 4 million levs.

At the same time, the company's operating expenses slightly narrowed to 3.66 million levs in the review period from 3.52 million levs the previous year. This was mainly due to increases in costs for hired services and remuneration.

Earlier this month, Shelly Group said its revenue from sales of IoT devices soared by an annual 57.2% to 74.9 million euro ($81.2 million) in 2023.

As of 1445 CET on Wednesday, shares in Shelly Group traded 3.04% lower at 57.40 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)