Bulgarian company Tchaikapharma reports a 5% yoy drop in first-half net profit and plans to raise its cap

SOFIA (Bulgaria), August 17 (SeeNews) – Bulgaria’s Tchaikapharma High Quality Medicines [BUL:7TH] said on Wednesday that its consolidated net profit in the first half of 2022 fell to around 2.6 million leva ($1.35 million) from 2.72 million leva in the same period in 2021.

The company’s operating income rose to 23 million leva in January-June from 22.3 million leva in the same period last year, Tchaikapharma said in interim financial statements.

At around 22.8 million leva, sales revenues were 2.2% higher than in the first half of 2021.

The drugmaker’s operating expenses rose 3.6% annually to 20 million leva during the period, mainly due to a slight increase in personnel costs, while raw material costs saw a 2.2% decline.

The company’s assets amounted to 119.7 million leva at the end of June, compared to 117.5 million a year earlier.

In June, Tchaikapharma shareholders approved a proposal to scrap the dividend for 2021 and allocate the bulk of last year’s net profit, 1.26 million leva, to the unallocated profit fund.

In a separate statement on Thursday, the company called an extraordinary shareholders’ meeting for September 29 and planned to propose to its investors to approve the use of the total profit from 2020 and 2021, or around 1.8 million leva, to increase the company’s capital.

Tchaikapharma had a 100% subsidiary, Swyssi SRL in Romania, and employed 162 people at the parent company at the end of June.

In the second quarter of 2022, the drugmaker continued to work on expanding its manufacturing facility in Plovdiv. The company has another plant in Varna and a portfolio of over 160 medicines, including antibiotics, nervous system treatments, and digestive and metabolic drugs.

Shares of Tchaikapharma closed unchanged at 15.70 levs in their latest trading session on Tuesday.

(1 euro = 1.95583 levs)

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