Biovet's net profit jumped nearly 11 fold to BGN 5.57 million in 2009, the consolidated report of the animal drug maker shows. Sales income rose 12% to BGN 116.6 million. The investments made before 2009 yielded good results, executive director Angel Zhelyazkov told the Pari daily. The company expects to maintain the same growth levels in 2010, he added. Shrunken costs also helped improve the company's performance. Expenses fell 7% to BGN 112.4 million. In the next few years Biovet will aim at boosting exports to Central and East Europe, where stock breeding is growing fast. In 2010 the company plans to expand its product list and implement new technologies.
Source: Pari (19.04.2010)

Another two Bulgarian firms shipping the bulk of their produce abroad gave out signals they might be getting the upper hand over the market upheaval. Fertiliser maker Neochim and vet products maker Biovet expect to scale up sales by 50% and 10%, respectively, in 2010. Biovet was in positive territory also in 2009, whereas Neochim saw sales slide thanks to dampened demand and pressure from the January 2009 gas crisis. The low base enables the company to make forecasts about stronger growth this year. Recovering foreign demand and market expansion are expected to shore up both Biovet and Neochim for 2010.
Source: Dnevnik (26.04.2010)

Analysts’ forecasts that Bulgarian exporters will emerge from the market meltdown are coming true as show the latest batch of earnings reports filed with the Bulgarian Stock Exchange (BSE). Car battery maker Monbat, Stara Planina Hold and cigarette maker Sofia BT notched up hefty gains for the first quarter and expect to keep up the momentum through the months ahead. Upswing has already been seen at copper and lead smelter OZK, vet products maker Biovet, fertiliser maker Neochim and pharmaceuticals company Sopharma. Monbat even pulled off triple-digit increase on an annual basis, getting back to levels recorded before it was ravaged by the downturn in the second half of 2008. The firm netted non-consolidated sales of BGN 16.5 million for March, up 159% from the same month of last year. Pre-tax profit bulged by 134% year-on-year to BGN 1.78 million. Stara Planina Hold, one of Bulgaria’s major listed group with machine-building exporters in its portfolio, surpassed its own expectations, enjoying a 40% rise in consolidated sales in March and 3% for the quarter at BGN 14.3 million. The group predicts sales will surge by more than 39.5% between January and April compared with the same period of last year. Sofia BT improved sales and curbed its loss for the first quarter, with sales up 80% to slightly over BGN 20 million. The company attributed the surge on a shift to foreign markets.
Source: Dnevnik (27.04.2010)

The General Meeting of the shareholders of Biovet JSC - Peshtera, Bourse code 53B, which was held on May 21, 2010, adopted the annual financial report for 2009. The company reported a profit to the amount of BGN 5 656 thousand, as BGN 566 thousand will be allocated to the Reserve Fund and BGN 5 090 thousand to the Additional Reserve.
Source: Capital market (26.05.2010)

Bulgarian groups Stara Planina Hold and Synergon Holding posted better sales for the first half of the year, fuelling hopes that the economic crisis is tapering off. Vet products maker Biovet followed in the same direction, according to its latest earnings report. Stara Planina Hold boosted consolidated sales for the first seven months of the year to BGN almost 40 million. The company has not yet released its final consolidated first-half data but preliminary estimates show improvement. Sales at two of its major subsidiaries including Hydraulic Elements and Systems (HES) and battery maker Elchim Iskra have rocketed by nearly 70% year-on-year. Consolidated sales for January to August are anticipated to surge by 47% on an annual basis. Heftier sales also helped Synergon Holding to slash its first-half loss to BGN 1.4 million in comparison with BGN 6.5 million a year earlier. Sales of goods alone jumped by more than 40% to almost touch BGN 100 million. Operating expenses soared 20% to BGN 115.7 million. Biovet’s profit surged on slightly higher sales and a reduction in expenses. Turnover gained 4% to BGN 61.6 million. Operating expenses fell 4% to BGN 56.2 million. Industrial Holding Bulgaria, whose core business includes ship and machine building, turned to a consolidated loss of BGN 2.2 million for the six months of the year from a profit of BGN 2.4 million in the year-ago period. The decline was attributed to a slightly lower sales and almost flat operating expenses.
Source: Dnevnik (26.08.2010)

Citi Venture Capital International (CVCI) has agreed the purchase of a 38%-stake of the Bulgarian health company Huvepharma JSC. CVCI is part of the Citi Capital Advisors, a subsidiary of alternative asset management platform. Financial details on the deal were not announced. Huvepharma is a manufacturer of pharmaceuticals for the livestock market, specializing in the poultry, swine and cattle segments. It also produces nutritional feed additives and niche veterinary products. 65% of Huvepharma's output is exported to the EU and North America. Huvepharma is the majoring shareholder of Peshtera-based Biovet, a leading European manufacturer and marketer of medicated and nutritional feed additives, enzymes, bulk active substances and pharmaceuticals for animal productivity and health.
Source: investor.bg (29.09.2010)

Bulgarian blue-chip veterinary drug maker Biovet (BSE:53B) said on Thursday it would invest EUR 25 million in the construction of a new plant at its production site in Razgrad. The company will break ground for the new facility on October 16, with construction works expected to take up one year. The facility, aimed at doubling the capacity of Biovet's factory in the northwestern city, will create 220 jobs. According to Kiril Domuschiev, one of the owners of Huvepharma, the project will be financed with own funds and bank loans. Recently, Citi Venture Capital International (CVCI), part of Citigroup's alternative investment fund Citi Capital Advisors, said that it would acquire 38% of Huvepharma without disclosing financial details.
Source: Dnevnik (15.10.2010)