The holding posts double-digit growth rate in its insurance business
- Revenue rises to ~BGN 396 million (+31%)
- Operating profit (EBITDA) jumps to ~BGN 13.5 million (+53%)
- Net profit soars nearly 7-fold to BGN 5.6 million
- Total assets reached over BGN 1.42 billion
Sofia, 27th May 2019 - Eurohold Bulgaria AD, a Sofia-based leading independent business group operating in the CEE/SEE/CIS region and the largest Bulgaria-based publicly-listed holding company, started 2019 with a solid growth in its financial results, improving significantly its profitability, according to the company's consolidated financial statement for the first quarter of the year filed with the Bulgarian Stock Exchange.
Eurohold’s net profit jumped nearly 7-fold on the year in the first three months to BGN 5.6 million, while its operating profit grew by half to BGN 13.5 million. The holding company’s consolidated revenue amounted to nearly 396 BGN million for the period, which implies a 31% year-on-year increase. Eurohold’s total assets rose slightly, by 2% y-o-y reaching BGN 1.42 billion.
Double-digit revenue growth in insurance operations
The insurance business of Eurohold across Southeast Europe, operating under Euroins Insurance Group AD (EIG), contributed exceptionally to the increased revenue and profit of the holding company. Total revenue from the insurance operations soared by 41% from a year ago up to over BGN 333.4 million. The operating and net profit, generated by the insurance business line, reached BGN 11.2 million and BGN 9.9 million respectively in the first three months of 2019, representing a 65% and 70% year-on-year increase.
All Eurohold’s business lines with the exception of the automotive business generated revenue growth. The leasing business, operating under Eurolease Group EAD brand, is the other segment along with the insurance one that improved considerably its profitability. The operating profit generated by it went up by 18% y-o-y to almost BGN 1.6 million while the net profit accumulated by it jumped 6-fold on the year (check out the table below on the 2nd page).
“We recorded a strong beginning of the year that is a solid ground for further growth. The results will help us achieve our ambitious goals for the whole year”, saidKiril Boshov, chairman of Eurohold's management board.
Consolidated results of Eurohold Bulgaria in Q1 2019
| Revenue | EBITDA | Net Profit | ||||||
Segments | Q1 2019 | Q1 2018 | Change | Q1 2019 | Q1 2018 | Change | Q1 2019 | Q1 2018 | Change |
| 000’BGN | 000’BGN | % | 000’BGN | 000’BGN | % | 000’BGN | 000’BGN | % |
Insurance | 333,486 | 237,228 | 41% | 11,183 | 6,783 | 65% | 9,865 | 5,793 | 70% |
Automotive | 57,304 | 59,724 | -4% | 924 | 1,112 | -17% | (637) | (177) | 260% |
Leasing | 6,275 | 5,709 | 10% | 1,560 | 1,319 | 18% | 115 | 19 | 505% |
Asset management and brokerage | 1,755 | 981 | 79% | 248 | (701) | -135% | 190 | (718) | -126% |
Total subsidiaries | 398,820 | 303,642 | 31% | 13,915 | 8,513 | 63% | 9,533 | 4,917 | 94% |
Parent company | 691 | 1,053 | -34% | (30) | 556 | -105% | (3,931) | (4,113) | -4% |
Total without eliminations | 399,511 | 304,695 | 31% | 13,885 | 9,069 | 53% | 5,602 | 804 | 597% |
Intragroup eliminations | (3,647) | (2,770) | 32% | (417) | (269) | 55% | - | - | - |
Total | 395,864 | 301,925 | 31% | 13,468 | 8,800 | 53% | 5,602 | 804 | 597% |
Source: Consolidated statement for the period ended March 31st, 2019
