Shelly Group beats own annual targets

Market Overview (06 Jan – 10 Jan)

The main Bulgarian index SOFIX increased this week by 0.43% to 893.13 points. The broad index BGBX40 increased this week by 0.32% to 172.34 points. BGREIT decreased marginally by 0.01% this trading week to 214.99 points.

Corporate News

Shelly Group (SLYG) announced preliminary results for 2024 full year performance. Sales of IoT devices reached EUR 107mln or an increase of 43%, which beat the target of EUR 105mln. Official unaudited consolidated figures will be announced on 24.02.2025. Additionally, they announced that they have lent USD 0.7mln to their US subsidiary at 1% p.a. This is in addition to the existing financing of USD 1.4mln as revenues from the market are not sufficient to fund the marketing and sales for the required growth.

MFG Invest (MFG) announced a new investment in Green Innovation AD (Hydrogenera), a company specialized in hydrogen production technologies and their implementation in energy systems. The company was founded in 2016 and has 82 completed projects in Bulgaria, Poland and Turkey marking a 71% revenue increase in the last year.

Telelink Business Services (TBS) announced a GSM on 13.02.2025 from 10am at Business Center Richhill on 5 Panorama Sofia str, Sofia, where main point would be the decision for a share buyback programme till 31.12.2025 with min price BGN 7.40 and max price BGN 15.

 Economic News

  • The trade deficit widened to BGN 1,784.7 mln in November from BGN 1,361.1 mln last yea. Exports dropped 4.8% YoY to BGN 6,891.2 mln, weighed down by lower sales to non-EU countries (-17.8%), while exports for EU countries rose (3%). Meanwhile, imports advanced by 0.9% to BGN 8,675.9 mln, driven by increased purchases from EU (1.4%) and non-EU countries (0.2%).
  • Industrial production rose by 2.8% YoY in November, rebounding from a downwardly revised 1.6% fall in the previous month. Output increased at a faster pace for both manufacturing (4.1% vs 0.2% in October) and electricity, gas, steam & air-conditioning supply (10.7% vs 7.3%). Additionally, production declined less for mining & quarrying (-5.2% vs -9.9%).
  • Construction output increased by 8.6% YoY in November, quickening from a downwardly revised 6% growth in the previous month. Building construction (5.9% vs 4.2% in October) and civil engineering works (8.8% vs 6.2%) continued to rise.
  • Retail sales increased by 6.8% YoY in November, quickening from a 5.1% gain in the previous month. This marked the strongest growth in retail activity since July, driven by higher sales for food, beverages & tobacco (11% vs 10.9% in October) and non-food products (5.8% vs 2.8%). At the same time, sales decreased at a softer pace for fuel in specialized stores (-7.9% vs -11.4%).

 

Full article can be accessed here.