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Bulgaria's VMZ-Sopot Rockets to Success with Record Profits in 2023
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The Bulgarian "Vazovsky Machine Building Plants" (VMZ) in Sopot, a state-owned arms plant, has reported an astonishing twofold increase in net sales revenue and profits, surging past BGN 678 million in the first nine months of 2023, as detailed by "Capital." VMZ's production of Soviet-style ammunition, projectiles, and missiles, in high demand due to their use in the Ukraine conflict, has been the driving force behind this success.
This surge in demand has prompted plans for a capacity expansion, with an investment exceeding BGN 20 million this year. VMZ anticipates fulfilling orders worth an additional BGN 150 million by the close of 2023. Despite the substantial increase in profits, VMZ's liabilities have also grown by BGN 219 million in the first nine months, mainly due to advances received. Concurrently, the company's workforce has grown by nearly 500 employees over the past year, now exceeding 4,100 employees.
VMZ's rapid profit growth and expansion plans highlight its crucial role in meeting global defense needs.
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