Smart Organic Sees Revenue Surge and Expands with LoveRaw Acquisition

The company also acquired UK-based vegan chocolate sweets producer LoveRaw. Despite previous high revenues, LoveRaw has faced financial difficulties. Smart Organic plans to use this brand for expansion in the UK, aiming for revenues of GBP 6 to 9 million within 4-5 years. The financial details of the acquisition were not disclosed.

Bulgarian-American Credit Bank (BACB) will hold its AGM on May 20, 2025. The Supervisory Board proposed to retain the full 2024 net profit, which amounted to BGN 48.4m. Recall that last year, BACB distributed BGN 0.80 gross DPS or BGN 19.7m in total to shareholders. The rest of the agenda includes the standard list of approvals.

Elana Agrocredit (EAC) reported a significant YoY decrease of 56.6% in new leases (down to BGN 255.3k) and a 75.6% drop in the financed agricultural land area (down to 97 daa). The average price per daa of financed land saw a substantial increase (+77.5% YoY) to BGN 2,623, but the YtD average price per daa is lower by 7.9% (at BGN 2,199). Short-term loans slightly increased (+0.2% MoM) to BGN 19.3 million. YtD leases stand at BGN 1.9 million (compared to BGN 5.0 million in Q1 2024), and the financed land area is 848 daa (-59.7% YoY).

Advance Terrafund REIT (ATER) made a net purchase of 138 daa of land, acquiring 261 daa and selling 123 daa in March. Unusually, the prices of these transactions were not disclosed. As a result, the company’s land portfolio slightly increased to 182,273 daa. The projected revenue for the current agricultural year is 6.0% lower year-over-year, with just over a fifth of that amount already collected. The fund has leased out 84.9% of its land at an average price that is 7.9% lower compared to the previous year.

ü  Bulgaria recorded a current account deficit of €392.2 million in February 2025, reversing sharply from a surplus of €57.2 million in the same month of the previous year. The shift was mainly driven by a wider goods deficit, which rose to €367.9 million from €339.4 million in February 2024, and a sharp increase in the primary income shortfall to €515.2 million from €118.4 million a year earlier. Additionally, the secondary income surplus narrowed significantly to €13.9 million from €40.8 million. On the other hand, the services account surplus slightly increased to €477 million from €474.2 million.

ü  According to data from the Employment Agency, the unemployment rate decreased by 0.1% MoM to 5.5% in Mar’25. The number of unemployed stood at 156.3k (-1.5% MoM) for the month, while the number of people who started working amounted to 16.8k (+41.4% MoM). The new jobs openings in the primary labour market amounted to 20.2k (+57% MoM).