July 29 (SeeNews) - Steel radiator manufacturer Korado Bulgaria [BUL:KBG], part of Czech Republic-based Korado Group, said on Friday that its net profit rose 86% year-on-year in the first half of 2022, to 2.8 million levs ($1.5 million/1.4 million euro).
Korado Bulgaria's revenue went up 21% on the year to 31.5 million levs in the January-June period, it said in an interim financial statement.
"This result is significantly influenced by the increased product prices due to the soaring prices of raw material, energy and transport," the company said.
First-half sales were 16% lower year-on-year at 259.5 million levs, mostly due to the significantly high basis from the first half of 2021 and because the company was unable to meet the high demand, Korado Bulgaria noted.
"The very turbulent geopolitical development, returning Covid, increasing interest rates makes the company somewhat skeptical in short term. However, the management is more optimistic from mid and long term based on some economic prognosis and because of the strong financial position of Korado Group with its low level of indebtedness," the company added.
Korado Bulgaria also said its shareholders are expected to vote on September 14 on a proposal to distribute a dividend of 0.10 levs per share for the first half of 2022. Korado Bulgaria paid a total dividend of 0.29 levs per share for the full year 2021.
As at 10:08 CET on Friday, shares in Korado Bulgaria traded flat at 7.1 levs on the Sofia bourse.
(1 euro = 1.95583 levs)