Bulgaria's Sopharma raises non-cons net profit 31% in 2023

Sopharma's total operating revenue amounted to 293.8 million levs last year compared to some 245 million levs in 2022, the company said in an annual financial statement on Tuesday.

Exports went up to 156.6 million levs in the review period from 141.5 million levs the previous year, while domestic sales rose to 90.3 million levs from 86.9 million levs. Sales to European markets climbed by 6.8% year-on-year to some 125.3 million levs, whereas sales to other markets jumped by 29.5% to 31.3 million levs, with the most significant increase, at 112%, in sales to Vietnam.

The pharmaceutical producer's expenses widened to 239.9 million levs in 2023 from 203.6 million levs the prior year as a result of higher costs of goods sold and expenses for remuneration and hired services.

Last week, Sopharma said it decided to raise its capital by issuing up to some 7.13 million new ordinary voting shares, to be offered to the holders of the company's warrants.

As of 1155 CET on Friday, shares in Sopharma traded flat at 5.92 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)