Bulgaria's Smart Organic boosts sales 21% y/y in Q1

The company expects revenue growth of about 25% this year, following the 40% rise in revenue it posted in 2023, Smart Organic said in a bourse filing on Thursday.

The majority of this growth is projected in the second half of the year when the company's new factory near Sofia is set to become operational. Smart Organic is investing some 16 million levs in the facility, which will include two workshops for chocolate products, tahini and raw bars production, the company's investor ImPulse Growth [BUL:IMP] said in an earlier statement.

Smart Organic will also raise its capital by issuing up to 1.03 million new ordinary shares at 19 levs apiece. The capital increase will finance the purchase of additional production lines and allow the company to diversify its product portfolio, leading to long-term revenue stability.

Shares in Smart Organic last traded on Thursday when they closed at 20.60 levs on the BEAM growth market of the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)