Bulgaria’s Odessos Shiprepair Yard boosts 9-mo net profit 16% y/y

Sofia: Bulgaria’s Odessos Shiprepair Yard [BUL:ODES] said on Wednesday that its net profit grew to 16.5 million levs ($9.1 million/8.4 million euro) in the first nine months of 2024 from 14.2 million levs in the same period last year.

The company’s overall revenue went up to 84.1 million levs in January-September from 66.7 million levs in the comparable period of 2023, Varna-based Odessos Shiprepair Yard said in an interim financial statement.

In parallel, Odessos’ operating expenses widened to 67.6 million levs from 52.5 million levs a year earlier, chiefly due to higher costs for hired services, remuneration and materials.

A total of 45 ships were repaired at the company’s facilities in the nine months through September, down from 55 a year earlier. However, revenue from ship repairs increased to some 82.4 million levs from 64.5 million levs.

Shares in Odessos Shiprepair Yard last traded on October 14 when they closed at 340.00 levs on the Bulgarian Stock Exchange, bourse data show.