Korado Bulgaria grows 2020 net profit despite revenue decrease

Korado Bulgaria's revenue decreased by 7% to 39.6 million levs last year hurt by the coronavirus pandemic, the company said in a statement.

The company's main client was its parent company - Korado Group, which accounted for 27.3 million levs of its sales in 2020.

In terms of volume, the company's sales fell to 532,592 units last year from 551,169 units in 2019.

Exports to EU countries increased to 471,523 units from 350,798 units, while sales to other countries dropped to 49,654 units from 80,586 units.

Korado's domestic sales rose to 11,415 units from 9,975 units in 2019.

The company produced 428,337 panel radiators in 2020, down from 455,025 units in 2019. The lower steel panel radiator production volume was largely due to a drop in output in the second quarter of the year when Bulgaria entered a state of emergency over the coronavirus pandemic.

Korado's towel rail radiators output rose to 97,415 units last year from 87,390 in 2019, following strong performance in the second half of 2020.

At the end of 2020, Korado Group owned 82.15% interest in Korado Bulgaria.

(1 euro = 1.95583 levs)