February 27 (SeeNews) - Bulgarian diversified group Stara Planina Hold [BUL:SPH] reported on Monday a consolidated net profit of 17.7 million levs ($9.56 million/9.05 million euro) in 2022, up from a profit of 13.05 million levs reported for 2021.
Revenue rose to 384.9 million levs last year from 284.54 million levs in 2021, the company said in a bourse filing.
At the same time, operating expenses increased to 332.75 million levs from 251.1 million levs, as cost of materials jumped to 203.4 million levs from 139.09 million levs.
Stara Planina Hold said it achieved strong financial results despite challenges stemming from the Russian war on Ukraine and the consequences of the COVID-19 pandemic.
Based on its achieved results and the expectations of its partners, Stara Planina Hold projects a rise in sales in 2023. The group forecasts sales of 99.3 million levs for the first quarter of 2023, which corresponds to an year-on-year increase of 13.6%. Growth in the first half of the year is projected at 8.5%.
Stara Planina Hold consolidates the results of machine engineering companies M+S Hydraulic [BUL:MSH] and Hydraulic Elements and Systems [BUL:HES] as well as cosmetics maker Bulgarian Rose [BUL:ROZA] and battery manufacturer Elhim Iskra [BUL:ELHM].
As at CET 1155 on Monday, shares in Stara Planina Hold traded flat at 10.00 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)