February 2 (SeeNews) - Steel radiator manufacturer Korado Bulgaria [BUL:KBG], part of Czech Korado Group, said that its net profit rose to 5.2 million levs ($3 million/2.6 million euro) in 2021 from 4.6 million levs the year before.
The company's revenue went up to 59.1 million levs last year from 39.6 million levs in 2020, Korado Bulgaria said in an interim financial statement on Monday.
Korado Bulgaria's total expenses grew to 53.8 million levs in 2021 from 34.5 million levs a year earlier, as expenses for materials increased to 41.7 million levs from 25.2 million levs, figures from the interim financial showed.
In terms of volume, the company's sales went up to 600,857 units in 2021 from 532,592 units in 2020.
Exports to EU countries grew to 543,425 units from 471,523 units, while sales to other countries dropped to 47,288 units from 49,654 units.
Korado's domestic sales fell to 10,144 units last year from 11,415 units in 2020.
The company's main client in 2021 was its parent company - Korado Group.
Korado Group owns 82.15% interest in Korado Bulgaria.
Korado Bulgaria produced 479,965 panel radiators last year, up from 428,337 units produced the year before. It also increased its towel rail radiators output to 113,913 units in 2021 from 97,415 units in 2020.
On Tuesday, shares in Korado Bulgaria closed 1,41% down at 7 levs on the Bulgarian stock exchange.
(1 euro = 1.95583 levs)