Bulgaria's Sopharma Trading nearly doubles net profit in 2023

The company's overall revenue grew to 1.28 billion levs last year from some 1.11 billion levs in 2022, Sopharma Trading said in an annual financial statement published on Tuesday.

Revenue growth was driven by a 20.4% annual jump in sales to hospitals to 373.8 million levs and a 14.4% rise in sales through pharmacies to 642.9 million levs. At the same time, wholesale volume added 12.6% to 217.8 million levs, while sales of medical devices increased by 4.8% to 20.5 million levs.

The pharmaceutical trader's operating expenses widened to 1.25 billion levs in 2023 from 1.09 billion levs the previous year, mainly due to a climb in costs of goods sold to 1.18 billion levs from 1.01 billion levs a year earlier.

Sopharma Trading's majority shareholder is Bulgarian drug maker Sopharma [BUL:SFA], with a stake of 87.68% at the end of last year.

As of 1557 CET on Friday, shares in Sopharma Trading traded flat at 5.70 on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)