Bulgaria's Trace Group trebles non-cons net profit in 2023

The company's total operating revenue more than doubled to 331.5 million levs last year from 150.8 million levs in 2022, Trace Group said in a financial statement last week.

In parallel, operating expenses widened to 313.3 million levs in the review period from 144.7 million levs the previous year, mainly due to rising costs for hired services and materials.

Last year, revenue from client contracts came in at 320.6 million levs, compared to 135 million levs in 2022. The company booked a little over 53% of it, excluding financial revenue, from activities in Bulgaria, with 18% and 29% generated from operations in Serbia and Romania, respectively.

Looking ahead, Trace Group expects revenue from client contracts to soar by an annual 124% to some 99.9 million levs in the first quarter of this year.

As of 1447 CET on Wednesday, shares in Trace Group Hold traded 4.35% higher at 4.80 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)