Korado Bulgaria 2023 net profit falls 9.4% on lower sales

Korado Bulgaria's revenue dropped by an annual 31% to 39.8 million levs last year, the company said in a statement, citing preliminary figures.

Sales volume went down to 354,301 units in the review period from 449,701 units in 2022. Most of Korado Bulgaria's sales in Central and Western Europe are made through its parent company, while the Eastern European markets remain weak, Korado added.

At the same time, the company's operating expenses narrowed to 35.8 million levs in 2023 from some 52.6 million levs the prior year on the back of lower costs for raw materials, which dropped to 25.7 million levs from 42.1 million levs.

"Despite the marginal dip in the company’s performance, both the management and the main shareholder express contentment, considering the prolonged stagnation in the construction market across Europe in recent years. Furthermore, the recovery of this market is yet to happen, no positive signs yet to be seen," the company said.

As of 1045 CET on Tuesday, shares in Korado Bulgaria traded 1.87% higher at 4.36 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)