Market Overview (25 Nov – 29 Nov) The main Bulgarian index SOFIX increased this week by 0.02% to 846.60 points. The broad index BGBX40 decreased this week […]
Fibank profit skyrockets, Shelly expands markets
| Market Overview (21 July – 25 July) | |
| The main Bulgarian index SOFIX decreased this week by 0.18% to 1041.64 points. The broad index BGBX40 increased this week by 0.01% to 191.26 points. BGREIT increased by 0.81% this trading week to 232.91 points. | |
| Corporate News | |
| Green Innovation/Hydrogenera (HYD1) the newly listed producer of hydrogen production systems published their Q2 results. Sales increase 55% YoY to BGN 4.9mln leading to Net Profit increasing 160% to BGN 1mln. The big increase in loans and leasing is associated with the increased order flow (as it is predominantly short term debt). Commercial receivables decrease by a third and we assume it is because of the nature of large scale orders, which bring large accounting changes once payments are pending and received. The reason for raising capital was to be able to expand production, which could accommodate larger scale orders. In this regard, it seems like a well-managed organization with serious opportunities ahead.
Shelly Group (SLYG) announced the production of co-branded products with EcoFlow, a global leader for solar and energy technologies. Their products Shelly Plug S Gen3 and Shelly Pro 3EM carry the logos of both companies and are fully integrated in the Shelly app and the software platforms of EcoFlow. This will allow seamless management of energy use, energy storage and energy production. This way Shelly can tap into the market of solar systems and energy storage solutions producers. Additionally, the earnings call for the 6M of 2025 will be on 15.08.2025 before the trading session. Interested parties can register here: https://tinyurl.com/3h99jsfb Fibank (FIB) published their Q2 results where Net Profit increased 169% as a result of increased lending over the last year. Additional facts, such as the one-off compensation for the longest standing members of the Supervisory Board and the targeted loan portfolio cleanup further feed into the speculation that the bank might be set up for a sale. More on Fibank: Fibank AD – SIS Hydraulic Elements and Systems (HES) posted for the first time in 2 years a positive change in sales of slightly over 4% to BGN 40.4mln. The battled industrial producer of hydraulic systems has been struggling together with the other companies in the portfolio of Stara Planina Hold (SPH) – M&S Hydraulic (MSH) and Elhim Iskra (ELHM) – in the post-covid environment. In the meantime, M&S Hydraulic posted a marginal decrease in sales of 0.5% to BGN 72mln and Elhim Iskra announced a 9% drop to BGN 16.4mln. Considering that compared to 2 yrs ago MSH revenues have dropped 42%, HES – by 19% and ELHM – by 21%, the results show that it is likely that bad times are over and the companies will find the way to get to previous levels. On consolidated level for SPH the likelihood is that they will be posting a marginal increase. Sopharma (SFA) announced that they have marked a significant increase of sales in June – domestic increasing 5% and export nearly doubling at 92% as a result of the resuming their presence at main export markets, likely Russia and other former USSR countries. For the 6 months, sales have increased 9%, stemming from a 3% decrease in domestic and 18% growth in export.
ü No economic news this week |
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