Bulgaria's Speedy nearly doubles Q1 non-cons net profit

Speedy’s operating revenue jumped by 33% year-on-year to some 90.3 million levs in January-March, the company said in an interim financial statement. The growth was primarily driven by the absorption of the company's wholly-owned subsidiaries, Geopost Bulgaria and Rapido Express and Logistics, in May 2023.

Revenue from sales on foreign markets soared by an annual 134% to 25.9 million levs in the first quarter, while domestic sales revenue went up 13% to 62.5 million levs.

The number of completed deliveries in the three months through March added 33% on the year to some 14.6 million.

At the same time, the company's operating expenses grew to 76.7 million levs from some 61 million levs as a result of higher costs for hired services and personnel expenses.

Investments in the review period came in at 3.7 million levs, to which warehouse expansion and software contributed 2.9 million levs and 507,000 levs, respectively.

As of 1445 CEST on Tuesday, shares in Speedy traded 3.45% higher at 150.00 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)