March 1 (SeeNews) - Bulgaria's organic products maker and distributor Smart Organic [BUL:SO] said its standalone net profit decreased to 8.35 million levs ($4.55 million/4.27 million euro) in 2022 from 9.02 million levs in 2021 due to higher costs.
Operating expenses rose to 44.28 million last year from 37.5 million in 2021, mainly due to higher costs for materials, expenses for external services, remuneration expenses and cost of goods soldthe company said in an annual financial statement on Tuesday.
At the same time, revenue improved to 53.7 million levs from 47.6 million levs.
In January, Smart Organic said that it has positive expectations for the next twelve months, despite the anticipated recession in Western Europe. The optimistic outlook came as the organic snacks manufacturer signed several contracts for developing new products at the end of 2022, set to generate annual turnover of close to 10 million levs.
As at CET 1244 on Wednesday, shares in Smart Organic traded 1.52% lower at 13.00 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)