Bulgaria's Sirma Group nearly doubles Q1 cons net profit

Sirma Group Holding's total operating revenue went up to some 24 million levs in January-March from 19.3 million levs in the same period of 2023, the company said in an interim financial statement on Wednesday. Service sales climbed by 16% on the year to roughly 14.1 million levs, while sales of goods jumped 37% to 9.7 million levs.

The company's operating expenses increased to 23.2 million levs in the review period from 18.8 million levs in the first three months of last year, chiefly due to a rise in costs of goods sold and remuneration.

Sirma Group's medium-term goal is to reach revenue of over $100 million (92.3 million euro) and list on a major global stock exchange, most probably NASDAQ in the U.S., the company said.

Last month, Sirma said it acquired the remaining 45% stake in the IT consulting unit Sirma InsurTech it did not already own as part of its consolidation strategy.

As of 1115 CEST on Thursday, shares in Sirma Group Holding traded 6.25% higher at 0.85 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)