SOFIX REACHES NEW HEIGHTS AFTER POSITIVE Q4 REPORTS, SHELLY REVENUES SOAR

Sirma Group (SGH) published Q4 cons. results, where sales increased 22.5% to BGN 98.7mln. The slower growth of OPEX and greater financial income resulted in a Net Profit of BGN 1.2mln, up from a loss of BGN 1.4mln last year.

Fibank (FIB) announced 2024 cons results, where the solid performance continues- total revenues from banking operations increased by 8.8% to BGN 613.5mln pushed by the strong growth in Net Interest Income of 14.7% to BGN 467mln and Fee income by 8.6% to BGN 173mln. Net Income decreases by 7.8% to BGN 146mln, which is due to restructuring of the loan portfolio from the developments with SG Group in Q4 2023, which is covered at https://sis.bg/analizi/parva-investitsionna-banka-ad/.

Telematic Interactive (TIB) announced Q4 2024 cons results. Revenues mark a 12.9% increase to BGN 133.7mln driven by the 10.5% growth in casino games to BGN 117.5mln and 61.5% growth in sports-betting to BGN 10.6mln. EBITDA, however, decreases by 9.3% to BGN 22.5mln and Net Income drops even more- by 11.3% to BGN 18.6mln. Main reasons are the growth in external services expense, i.e. the use of the gaming software, by 12.9% to BGN 66mln, growth in personnel expense by 50.8% to BGN 14.5% and growth in other operational expense by 19.6% to BGN 30mln. This is in line with the ongoing expansion implementation.

Shelly Group (SLYG) published the Q4 cons results, where revenues grew above the projections to EUR 106.7mln (42.2% increase). EBIT grew 34.4% to EUR 25.7mln and Net Profit grew by 36.9% to EUR 23.1mln. Additionally, they managed to grow the users of their app from 1.3mln to 1.9mln which could help them further offer more products and services. Expectations for 2025 are revenues in the range of EUR 145-155mln (growth of 35.9%-45.3%) and EBIT of EUR 35-40mln (growth of 36%- 55.6%).

ü  Producer prices in Bulgaria climbed by 12.5% year-on-year in January 2025, following a 5.3% advance in the previous month. This marked the highest producer inflation since January 2023, as prices accelerated for all sectors namely; mining and quarrying (28% vs 20.2% in December), manufacturing (9.1% vs 2.1%), and electricity, gas, steam and air-conditioning supply (35.2% vs 11.2%). On a monthly basis, producer prices rose by 4.9%, the highest reading since November 2021, from a 3.6% increase in the preceding period.

ü  The number of tourist arrivals in Bulgaria fell by 0.3% year-on-year to 739 thousand in January 2025, following a 6.1% rise in the previous month. A decrease was registered in trips with other purposes (-5.9%), while those with holiday and recreation purposes (6.5%) and with professional purposes (2.9%) increased. The EU constituted 55.9% of the total visits to Bulgaria, with Romania (37.5%) being the largest contributor, followed by Greece (32.2%).