March 6 (SeeNews) - Bulgarian construction company Trace Group Hold [BUL:T57] said it booked a consolidated net profit of 18.7 million levs ($10.4 million/9.6 million euro) in 2023 after a net loss of 196,000 levs reported a year earlier.
The company's revenue surged to 396.8 million levs last year from 219.5 million levs in 2022, Trace Group Hold said in a financial statement last week.
Revenue from construction contracts, which made up nearly 92% of the total amount, jumped by 95% year-on-year to some 364 million levs. At the same time, product sales soared by 154% to 24.6 million levs on the back of higher sales of asphalt mixes and aggregates.
Trace Group's operating expenses also widened significantly in the review period, to 377.1 million levs from 218.5 million levs the prior year. This was mostly due to higher costs for hired services, which went up to 213.6 million levs from 115.7 million levs, and materials, which grew to 110.9 million levs from 62.8 million levs.
Trace Group expects consolidated revenue from client contracts to surge by an annual 97% to some 109.5 million levs in the first quarter of this year.
Shares in Trace Group Hold last traded on Tuesday when they closed at 4.30 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)