4Q 2020 Financial Notification of the company has submitted to the Financial Supervision Commission.
We expect the net sales revenues of the group in the reporting quarter to reach BGN 53.2 million compared to BGN 49.3 million in the fourth quarter of 2019 which is a 7.9 % growth on an annual basis. We expect the sales in the first quarter of 2021 to reach BGN 52.9 million.
The net profit of the holding amounts to BGN 5,075 thousand compared to BGN 6,427 thousand for 2019 which is a 21 % decrease in confirmation of our expectations, published at the end of October 2020. The profit down-turn is mainly due to the effect of the global economic crisis related to the governments’ measures in relation to Covid-19. The Board of Directors will propose to the regular annual general meeting of the shareholders to continue the tradition of distributing part of the financial result for dividends.
The effect of the measures taken by the governments with regard to Covid-19 has led to pessimism in the business sentiment of our main partners. For the last three months of 2020, we reported for the first time minimal and unstable sales growth compared to the same period of the previous year. The impact of the Covid-19 pandemic on industry worldwide appears to be uneven and difficult to predict. Despite the positive development of the business climate in the fourth quarter of 2020, for the time being we are not able to commit to a definite forecast on the outcome of the crisis that began in industry in 2019 and was intensified and modulated by Covid-19 in 2020.
May 20th, 2021 is the preliminary date for holding the regular annual general meeting of shareholders.