Financial and insurance group Eurohold Bulgaria [BUL:4EH] said on Tuesday its consolidated operating revenue increased by 31% year-on-year to 786.5 million levs ($450.0 million/402.1 million euro) in the first half of 2019.
Insurance activities contributed nearly 657 million levs to Eurohold Bulgaria’s total operating revenue in the first six months of 2019, marking a 43% rise on an annual comparison basis, the group said in a statement.
“The successful acquisitions we made in the last couple of years as well as the fair amount of time and effort we have been investing in the integration and development of the companies taken over by Euroins Insurance Group, has recently started to bear fruit,” Kiril Boshov, chairman of Eurohold Bulgaria’s management board, said.
The insurance business of Eurohold across Southeast Europe is grouped in its subsidiary Euroins Insurance Group (EIG).
Eurohold Bulgaria’s consolidated net profit, excluding non-controlling interest, edged down to 4.0 million levs in the first half of the year from 4.1 million levs in the corresponding period of 2018.
The group’s consolidated operating profit (EBITDA) grew by 4% year-on-year to 20.1 million levs in the review period.
At the end of June, the group’s consolidated assets totalled 1.5 billion levs, 5% higher compared to the end-2018 figure.
As at 13:30 CET on Tuesday Eurohold Bulgaria’s shares traded 0.50% higher at 1.99 levs on the Bulgarian Stock Exchange.
Eurohold Bulgaria’s portfolio includes companies active in financial services, leasing, insurance and car sales.