January 31 (SeeNews) - Bulgarian civil engineering contractor Trace Group Hold [BUL:T57] said on Tuesday that its standalone net profit rose to 5.05 million levs ($2.8 million/2.6 million euro) last year from 2.3 million levs in 2021, as revenue from construction contracts roughly doubled.
Trace Group Hold's total operating revenue surged by an annual 74% to 145.4 million levs in 2022, the company said in a financial statement.
At 129.35 million levs, revenue from construction contracts, of which 55% was generated in the home market, made up 92.16% of total revenue. Serbia accounted for 23.5% of revenue from construction contracts, while for Romania that share was 21.6%. By comparison, in 2021 Trace Group Hold booked 64.8 million levs in revenue from construction contracts.
The company's services revenue dropped by 45.7% in 2022, to 1.23 million levs.
Total expenses at Trace Group Hold also marked a significant increase, to 138.8 million levs last year from 78.8 million levs in 2021, mostly due to the cost of materials more than trebling to 35.7 million levs. Expenses for hired services and salaries also rose in the double digits.
At the end of December, the civil engineering contractor's assets amounted to 245.7 million levs, up from 193.9 million levs in 2021.
Shares of Trace Group Hold, which have lost about 10% of their value over the past 12 months, closed at 3.78 levs on the Bulgarian Stock Exchange on Monday, latest bourse data showed.
($ = 1.00887 euro)