TURBULENT WEEK ERASES YTD GAINS

Bulland Investments (LAND) announced 2024 results. Revenues from rent increased marginally from BGN 456,000 to BGN 465,000. However, a sale of investment properties resulted in a profit of BGN 340,000, which drove revenues up by 37.5% to BGN 884,000. In the same time, OPEX dropped 35% to BGN 682,000 largely due to losses from reevaluation of investment properties. As a result, the company recorded a Net Profit of BGN 200,000, a stark departure from the BGN 407,000 loss recorded in 2023.

Petrol AD (PET) announced that following the GSM held on 18.02.2025 and approving the decision to decrease the capital of the company, on 06.03.2025 the capital of Petrol AD was decreased from BGN 109,249,612 to BGN 27,312,403 by decreasing the nominal value of the issued shares from BGN 4 to BGN 1 per share.

ü  Industrial production in fell by 3.5% year-on-year in January 2025, following a 3.9% drop in the previous month. This marked the second consecutive month of decline in industrial activity albeit at a softer pace, as output decreased less for manufacturing (-0.3% vs -1.2% in December) and electricity, gas, steam & air-conditioning supply (-14.5% vs -28.8%). Meanwhile, production tumbled for mining and quarrying (-4.5% vs 8%). On a seasonally adjusted monthly basis, industrial output dropped by 2% in January, slowing from a 2.2% decline in the preceding period.

ü  Construction output increased by 7.6% year-on-year in January 2025, quickening from an upwardly revised 5.8% rise in the previous month. Building construction (5.2% vs 0.5% in December) and civil engineering works (9.3% vs 8.3%) rose significantly. On a seasonally adjusted monthly basis, construction output grew by 1.6% in January, rebounding from a downwardly revised 1.3% fall in December.

ü  The trade deficit widened to BGN 1,974.5 million in January 2025 from BGN 1,044.3 million in the corresponding month of the previous year. Imports surged by 10.4% year-on-year to BGN 8,187.6 million, primarily attributed to higher purchases from non-EU countries (30.8%). However, purchases declined from EU countries (-2.6%). Meanwhile, exports fell by 2.5% from a year earlier to BGN 6,213.1 million, mainly due to a notable decrease of sales to non-EU countries (-10.5%). Conversely, sales to EU countries (1.9%) increased.