Bulgaria's Shelly Group nearly doubles cons net profit in 2023

The company's total revenue in 2023 surged by an annual 56% to 148.1 million levs, Shelly Group said in an annual financial statement on Monday. Sales of devices generated 146.3 million levs, up 57% on the year.

Performance last year was driven by sales channels and client base expansion, along with a growing product range after investments from the previous year, Shelly Group said in a separate statement. With revenue growth in all target markets, German-speaking countries were in the lead, having more than doubled their revenue to 36.7 million euro ($39.8 million).

In parallel, operating expenses widened to 110.6 million levs in the review period from some 74.7 million levs the prior year, chiefly due to higher costs of assets sold, external services and remuneration.

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. Earlier this month, Shelly Group said it exercised a call option to purchase an additional 16% stake in its Slovenian unit Shelly Tech, formerly known as GOAP, for some 586,666 euro.

As of 1045 CET on Tuesday, shares in Shelly Group traded 0.34% higher at 59.20 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)