March 2 (SeeNews) - Bulgarian software developer Sirma Group Holding [BUL:SGH] said it ended last year with a consolidated net loss of 8.1 million levs ($4.4 million/4.14 million euro), after a profit of 4.45 million levs reported for 2021.
The reversal was the result of a rise in operating expenses to 78.96 million levs in 2022 from 57.5 million levs the year before, the company said in a financial statement on Wednesday. Remuneration costs were the biggest factor for the increase, swelling to 33.8 million levs from 23.2 million levs.
At the same time, the company’s revenue improved to 80.2 million levs from 64.5 million levs. Growth was driven by sales of software services, which soared 61.93% on the year to 38.3 million levs. Additionally, sales of IT equipment advanced by 12.46% to 22.49 million levs.
As at CET 1223 on Thursday, shares in Sirma Group traded 4.62% lower at 0.62 levs on the Bulgarian Stock Exchange.
Sirma Group has eight direct wholly- or majority-owned subsidiaries and owns indirectly a further 11 businesses, including in the US, Latin America and Germany.
In February, Sirma Group said its shareholders authorised its subsidiary Sirma Solutions to divest its entire stake in semantic technology unit Sirma AI in a 9.46 million euro ($10.05 million) deal.
(1 euro = 1.95583 levs)