Bulgaria's TBS Group 2023 cons net profit falls on higher expenses

TBS Group's operating revenue jumped to some 185.7 million levs in 2023 from 155.7 million levs the prior year, the company said in a financial statement on Thursday.

Net sales revenue grew by an annual 19% to 185.4 million levs, with domestic sales accounting for 64% of the total. They were followed by sales to Croatia, making up 10% of the revenue, and Serbia with 9%.

TBS Group's operating expenses widened to 175.1 million levs in the review period from 143.2 million levs a year earlier as a result of higher costs for hired services, remuneration and costs of goods sold.

Last month, TBS Group signed an agreement to acquire 100% of the shares of Croatian IT, communication and software solutions provider Sedam IT for 9 million euro ($9.7 million).

As of 1100 CET on Friday, shares in TBS Group traded 0.53% lower at 9.30 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)