November 3 (SeeNews) - Bulgarian drug maker Sopharma [BUL:SFA] said its standalone net profit increased to 25.4 million levs ($12.68 million/12.99 million euro) in the first nine months of 2022 from 22.4 million levs in the same period of 2021.
Sopharma's total revenue rose to 171.7 million levs in the January-September period from 146.7 million levs a year earlier, the company said in an interim financial statement earlier this week.
Growth was driven by double-digit increases in both exports and domestic sales. According to the statement, domestic sales climbed by 15.6% on the year to 66.2 million levs. Sales in Europe went up by 17% to 78.7 million levs, while sales to other countries jumped by 30.6% to 15.4 million levs.
In parallel, Sopharma’s operating expenses widened to 140.5 million levs from 120.4 million levs, mainly due to higher cost of materials and remuneration costs.
As of the end of September, the assets of Sopharma’s two subsidiaries in Ukraine have not been impacted by the war with Russia, the company said. However, the value of these investments may be revised in future depending on the course of the war and its effect on the activities of the units, Sopharma said.
As at 1001 CET on Thursday, shares in Sopharma traded flat at 4.48 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)