November 29 (SeeNews) - Bulgarian diversified group Synergon Holding [BUL:SNRG] booked a consolidated net profit of 37.3 million levs ($19.8 million/19.07 million euro) in the first nine months of 2022 after a loss of 8.9 million levs in the same period of last year, the company said.
Revenue in the nine months through September soared to 925.5 million levs from 369 million levs a year earlier, Synergon said in an interim financial statement on Monday.
Net sales surged by 150.18% on the year to 921.6 million levs mainly due to higher income from electricity sales. Growth was driven by an increased sold volume as well as higher power prices, the company explained.
Meanwhile, operating expenses jumped to 877.6 million levs from 371.8 million levs as cost of goods sold surged to 813.9 million levs from 324.7 million levs.
As at 0945 CET on Tuesday, shares in Synergon traded 7.89% lower at 1.05 levs on the Bulgarian Stock Exchange.
Synergon Holding was set up in 1996 as a privatisation fund under Bulgaria's voucher privatisation programme. The fund was transformed into a holding structure the following year. It has direct ownership in 19 local subsidiaries as well as indirect stakes in subsidiaries and affiliated companies, such as Toplivo, Vitalgas, Energy Delta and BalkanCeramic.
(1 euro = 1.95583 levs)