Orgachim's H1 Sales Up 20% Y/Y

Orgachim's () H1 sales revenues soared 20% from 56 mln leva to 67.35 mln leva (34.4 mln euros) in a year, the non-consolidated report of the Ruse-based company shows.

The hike is attributed to higher production sales. One year ago those stood at 50.69 mln leva (25.9 mln euros) and at June 30, 2008 he figures are up to 67.35 mln leva (34.4 mln euros).

Total revenue stands at nearly 67.6 mln leva (34.5 mln euros), compared with 59.25 mln leva (30.2 mln euro) a year ago.

Despite that, costs on economic elements are up 25%, from 50.7 mln leva to 63.47 mln leva (32.4 mln euros). Costs on materials are also up, by nearly 10 mln leva, to 47.77 mln leva (24.4 mln euros).

The company's sales can be divided into two categories: sales of ready production and sales of intermediate goods for the chemical industry.

The main markets for the latter are Turkey, Romania, Egypt, some countries in the Middle East and Central Europe. Orgachim has an established position as a reliable manufacturer for those markets.

The prices of materials and intermediate goods is extremely dependent upon the global commodity markets.

Revenues from sales of ready products are primarily realized on the home market.

The price policy the company adopted at the beginning of 2008 is attractive to merchants due to its bonus system. It also defends the interest of small merchants.

Total costs in this year's half one are estimated at 64.65 mln leva (33 mln euros), versus 52.47 mln leva (26.8 mln euros) at the end if June 2007.

Profit stands at 3.02 mln leva (1.54 mln euros), which translates into 6 leva/share, compared with 6.33 mln leva (3.23 mln euros) a year ago.

Photo: Ivan Sokolov, CEO

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