Bulgaria's Sirma Group sharply cuts 9-mo cons net loss

Sirma Group's revenue went up to roughly 60 million levs from some 58.9 million levs, after sales from client contracts rose by an annual 4.9% to 59.45 million levs, the holding said in an interim financial statement.

The highest rate of sales growth was registered by operations in Africa, up 207% on the year to 89,000 levs. Europe remained the most lucrative market, with sales growing 18.75% year-on-year to 40.6 million levs. By contrast, sales in North America and the UK declined by 20.8% and 14.5% respectively, while in Asia they slumped by over half to 744,000 levs.

Systems integration, offered by subsidiary Sirma Solutions, was the segment which brought in the highest revenue out of the holding's three segments, of 20.6 million levs in January-September compared to 17.25 million levs a year ago.

The company's operating expenses inched up slightly, to 58.85 million levs compared with 58.7 million levs in the nine months of 2022, mostly due to a 19% yearly rise in cost of goods sold to 17.15 million levs.

Sirma Group has eight direct wholly- or majority-owned subsidiaries through which it indirectly owns another 14 businesses, including in the US, Latin America and Germany.

As at 1529 CET, shares in Sirma Group Holding traded 0.70% higher at 0.72 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)