Bulgaria’s Monbat boosts H1 non-cons net profit 53%

Sofia: Bulgarian battery manufacturer Monbat [BUL:MONB] said its standalone net profit grew to 6.1 million levs ($3.4 million/3.1 million euro) in the first half of 2024 from some 4 million levs a year earlier.

Monbat’s overall revenue slipped to 161.1 million levs in January-June from 161.4 million levs in the like period of 2023 on the back of lower sales of goods, which fell to 29.2 million levs from 39 million levs, the company said in an interim financial statement on Tuesday.

At the same time, product sales went up to 111.3 million levs from 105.9 million levs.

The company’s operating expenses also shrank, to 154.7 million levs in the six months through June from 159.3 million levs in the prior-year period as a result of lower costs for goods sold and a change in inventory.

At some 69.3 million euro ($75 million), exports made up 88% of the company’s total sales revenue in the first six months of 2024. Germany remained Monbat’s largest market in the review period, contributing 13.3% of total standalone export revenue, or some 9.2 million euro. France, Italy, Spain and Romania rounded off the company’s top five export destinations.

Shares in Monbat last traded on Wednesday when they closed at 3.00 levs on the Bulgarian Stock Exchange, bourse data show.