Korado Bulgaria with a New Investment of BGN 8.5 Million in Strazhitsa

Business | November 7, 2018, Wednesday // 13:46
Bulgaria: Korado Bulgaria with a New Investment of BGN 8.5 Million in Strazhitsa

The Korado Bulgaria radiator manufacturer will invest 8.5 million leva in relocating part of the activity and creating a new paint shop in the newly acquired land near the factory in the town of Strazhitsa, reports Money.bg

The project is expected to be completed within a year and a half. An extraordinary general meeting of the shareholders of the public company was held today, and dividend distribution was accepted twice a year. The dividend in financial terms is 40% of the first half earnings.

BGN 1,360,816 was allocated, which is close to 10 Bulgarian cents per share. Thus, Korado Bulgaria is one of the first companies in Bulgaria to benefit from the legal changes that allow companies to pay dividends twice a year. The first nine months of the year were record-breaking in terms of profits and sales revenue, according to company data.

Revenues increased by 5% over the reported period on an annual basis and gross profit increased by 39%. In the first nine months of the year sales revenue amounted to 34.05 million leva, compared to 32.45 million leva a year earlier, while profit before taxes rose to 5.86 million leva, compared to 4.20 million leva a year earlier.

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