Bulgaria's Trace Group grows Q1 cons net profit eightfold

Trace Group's total operating revenue surged to 111.5 million levs in the three months through March from 56.7 million levs in the like period of 2023, the company said in an interim financial statement on Thursday.

Revenue from construction contracts, which made up 94% of the total amount, jumped by 98.6% year-on-year to some 104.8 million levs. At the same time, product sales more than doubled to 4.6 million levs from 2.1 million levs on the back of higher sales of asphalt mixes and construction work in progress.

The company's expenses also widened significantly, reaching 106.2 million levs in January-March against 56 million levs in the prior-year period. This was largely due to higher costs for materials and hired services.

For the first half of 2024, the company expects revenue from client contracts to surge by roughly 96% to 296.6 million levs. Revenue from construction contracts alone is estimated to double to 286 million levs.

Shares in Trace Group Hold last traded on Thursday when they closed at 4.90 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)