Bulgaria’s Zaharni Zavodi 9-mo cons net profit plunges 84%

The company’s revenue jumped to 201.8 million levs in January-September from 167.2 million levs in the prior-year period, Zaharni Zavodi said in an interim financial statement.

Product sales grew by an annual 29% to 185.4 million levs in the first nine months of 2023, whereas sales of goods went down 33% to 12.5 million levs.

Meanwhile, Zaharni Zavodi's operating expenses expanded to 197.3 million levs in the review period from 139.8 million levs a year earlier on the back of a 15% rise in costs for materials to some 135 million levs and a change in inventory.

In August, Bulgaria's financial regulator issued a definitive ban for the filing of a revised tender offer for the full takeover of Zaharni Zavodi by majority shareholder Zahar Invest.

Gorna Oryahovitsa-based Zaharni Zavodi operates several production facilities, including a sugar refinery and a confectionery plant.

Shares in Zaharni Zavodi last traded on November 3 when they closed at 5.00 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)