FIBANK, SPEEDY, BREF POST EXCELLENT Q4 RESULTS

Speedy AD (SPDY) announced results for Q4 2024, where sales increased 17.1% YoY to BGN 366mln driven by 12.6% growth in domestic sales to reach BGN 265mln and 32.2% growth in sales on foreign markets to reach BGN 92mln. The number of delivered parcels increased 24.2% to 59.2mln units. Expenses for external services, however, increased by 22.1% to BGN 196mln, primarily driven by the commissions paid to partnership networks in Greece and Romania. As a result, EBITDA increased 11.9% to BGN 72.2mln and Net Income increased 14.7% to BGN 42.5mln.

Trace Group (T57) published their Q4 2024 results. Sales marked an impressive 72.3% YoY growth to BGN 548.6mln, which is the result of the multiple contracts, which they managed to secure. Their CAPEX, however, increased with the same amount and the resulting PBT increased by 13.9% to BGN 20.2mln and Net Income increased by 22.7% to BGN 18.2mln.

BREF (BREF) published Q4 results. Revenues increased by 16.6% to BGN 26.3mln. In that, revenues from rent increased 34% to BGN 10.7mln in view of the new rented places in their Synergy Tower location. In a similar fashion, the value of the investments increased 11% to BGN 15.5mln. OPEX decreased marginally, which provided a push for the Net Income, which rose 23.3% to BGN 20.3mln. Additionally, on 30.01.2025 the BoD decided to distribute BGN 3.5mln from their profit as dividends.

Fibank (FIB) published their Q4 results. Revenues from banking operations increased by 8.8% YoY to BGN 563mln driven by the steady rise in Net Interest Revenues (15.5% to BGN 427mln). Another round of over BGN 50mln added devaluations, most likely as a result of the bond issue to SG Group, however resulted in total devaluations of BGN 194mln and a decreasing Net Income by 7.9% to BGN 124.4mln.

ü  The business confidence indicator edged down to 17.4 in January, from 17.7 in the previous month. Despite the slight decrease, industrial entrepreneurs remain optimistic, with improved expectations for both the business outlook over the next 6 months (12.5 vs 11.4 in Dec).

ü  Producer prices climbed by 5.3% YoY in December. This marked the highest producer inflation since February 2023, as prices accelerated for manufacturing (2.1% vs 0.7% in November) and it rebounded sharply for electricity, gas, steam and air-conditioning supply (11.2% vs -2.7%).

ü  The number of tourist arrivals advanced by 6.1% YoY to 833.3 thousand in December. The majority of visits to Bulgaria were for holiday and recreation (20%), professional (7.7%), while those with other purposes declined (-1.3%). The EU constituted 54.7% of the total visits to Bulgaria. Arrivals from the other European countries accounted for 37.8% of the total, mainly from Turkey (51,1%).