Bulgaria's Speedy 2023 non-cons net profit falls on higher expenses

Speedy’s total operating revenue grew by 15% on the year to some 316 million levs in the review period, the company said in an annual financial statement on Wednesday.

Revenue from sales on foreign markets surged by an annual 47% to 65.2 million levs last year, while domestic sales revenue rose by 14.2% to 240.5 million levs.

The number of completed deliveries in 2023 went up 15.9% year-on-year to roughly 49.4 million.

In parallel, the company's operating expenses widened to 272.9 million levs in the review period from 230.3 million levs in 2022 on the back of higher costs for hired services and remuneration.

Investments last year came in at 29 million levs, to which warehouse expansion and logistics vehicles contributed 7 million levs and 14 million levs, respectively. Speedy also spent 1.7 million levs on machinery and 5,200 levs on software and ICT equipment.

As of 1515 CET on Friday, shares in Speedy traded flat at 141.00 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)