Bulgarian car battery maker MonBat targets revenue, profit growth by 2021

Bulgarian car battery manufacturer MonBat [BUL:5MB] said on Monday it expects its revenue to increase to 216.4 million levs ($117.3 milion/111.7 million euro) in 2021, from 151.6 million levs projected for 2017.

MonBat's net profit is forecast to increase by 11% year-on-year to 16.6 million levs in 2017 and grow in the double digits in the following years before reaching 37.7 million levs in 2021, MonBat said in a bourse filing.

In the five-year period, the company plans to focus on its recycling processes, adoption of new technologies for battery production and increasing the number of products and technological solutions in the field of energy management.

MonBat plans to increase its battery production to 3.95 million units in 2021, from 3.04 million projected for 2017.

In 2016, Monbat produced 2.9 million batteries and reaped a total revenue of 134 million levs. The company's net profit rose by 11% on the year, reaching 14.6 million levs in 2016.

MonBat operates four plants for manufacturing and recycling of lead-acid batteries, diodes and light-emitting diode luminaires.

(1 euro = 1.95583 levs)

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