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Bulgaria’s Speedy grows 9-mo non-cons net profit, revenue up 21.5% y/y

Nov 1, 2022, 5:46:46 PMArticle by Antonia Kokalova-Gray
share
November 1 (SeeNews) - Bulgarian express delivery company Speedy [BUL:SPDY] said that its standalone net profit grew to 31.4 million levs ($15.9 million/16.1 million euro) in the first nine months of 2022 from 24.6 million levs in the same period of last year.

Bulgaria’s Speedy grows 9-mo non-cons net profit, revenue up 21.5% y/y
Image source: Speedy JSC, LinkedIn.

Speedy’s operating revenue jumped to 196.9 million levs in the first three quarters of 2022 from 162 million levs the year prior, the company said in an interim financial statement published after close of trading on Monday.

The nine-month sales revenue on foreign markets ticked up by an annual 9.3% to 32.1 million levs, whereas domestic sales revenue added 24.7% to 147.3 million levs.

The number of completed deliveries in January-September went up 3.6% year-on-year to some 31.2 million, boosted by a strong third-quarter performance after the resumption of Speedy Balkan services to and from Romania, Greece and Hungary.

Speedy's operating expenses increased to 162.4 million levs in the review period from 133.7 million levs in January-September 2021, mostly due to a rise in costs for hired services and personnel.

Investments in the first nine months of the year totalled 14 million levs, which was below the levels of previous periods mainly as a consequence of reduced need for expansion of logistics spaces and the delay in logistic vehicles deliveries. Investments in warehousing spaces totalled 4.7 million levs, while the company spent 2.6 million levs on logistics vehicles, 4.3 million levs on automated parcel processing lines and 2.2 million levs on software and ICT equipment.

As at 1545 CET on Tuesday, shares in Speedy traded flat at 107.00 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)

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