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SOFIA (Bulgaria), January 10 (SeeNews) - Bulgaria's Telelink Business Services Group (TBS Group) said on Friday that its consolidated net profit rose by an annual 7% to 8.2 million levs ($4.7 million/4.2 million euro) in 2019, according to preliminary data, of which 4 million levs will be distributed as dividend.
The group's consolidated revenue decreased 5% to 110.1 million levs last year due to lower sales in the Western Balkans, TBS Group said in a bourse filing.
TBS Group expects its revenue this year to reach its level from 2018 by placing higher value-added products on the Western Balkans markets.
The company said earlier this week that it expects to be admitted to trading on the Bulgarian Stock Exchange by the end of January. Current shareholders will be allowed to sell up to 30% of the number of outstanding shares. The company's current majority owner - Lyubomir Minchev, has also committed to keeping at least 51% interest in the company by the end of 2021.
Bulgaria's Financial Supervision Commission (FSC) approved the listing prospectus of TBS Group at the end of November. The financial authority said back then that Telelink will list all of its existing 12.5 million shares of 1 lev in par value each.
TBS Group was spun off from local company Telelink Bulgaria in July of last year, becoming the sole owner of software developer Telelink Business Services. At the time, both TBS Group and Telelink Bulgaria were 100% owned by Dutch-registered Telelink Holdings.
Earlier in 2019, Lubomir Minchev said that he is considering the option of listing Telelink Business Services both in Bulgaria and on a foreign stock exchange.
In 2017, Telelink reorganised its business into four new companies - Telelink Business Services, Telelink Infra Services, Telelink City Services and Telelink Labs. The four companies became part of newly established holding group Telelink Bulgaria.
(1 euro = 1.95583 levs)