Bulgaria's Speedy boosts 9-mo cons net profit, revenue

Speedy’s operating revenue rose to 196 million levs in the first three quarters of the year from 159.2 million levs the year before, the company said in an interim financial statement, published on Saturday.

Sales revenue on foreign markets jumped 36.2% to 90.7 million levs, while domestic sales revenue added 16.4% to 98.6 million levs.

The number of completed deliveries grew 28.4% to 36.3 million in the January-September period of 2020.

Operating expenses increased to 173.9 million levs in the review period from 145.2 million levs the year before, mostly due to a rise in expenses for hired services and salaries.

Investments in the first nine months of the year totaled 20.2 million levs.

Earlier this year, Bulgaria's Commission for Protection of Competition (CPC) said that it allowed France's GeoPost to become the majority owner of Bulgarian express delivery company Speedy [BUL:0SP]. In June, Speedy said that its current majority owner - Speedy Group, has agreed to extend the deadline for exercising a call option for a 45% stake in Speedy held by GeoPost to January 31, 2021.

In 2014, Speedy acquired GeoPost's units in Romania and Bulgaria – DPD Romania and GeoPost Bulgaria, while Geopost agreed to acquire 25% of Speedy with the option to increase its stake to 70% by 2020.

(1 euro = 1.95583 levs)