In just one year, we climbed from 23rd to 15th place in the Fuel sector.
The Capital “K100: Largest Companies in Bulgaria 2023” ranking reflects the financial results for 2022 of the largest companies in Bulgaria across more than 10 key sectors, including energy, fuels, metals, telecommunications, trade, mining industry, transport, and others.
In last year’s ranking “K100: Largest Companies in Bulgaria 2022,” V-Gas secured the 23rd position due to recording a significant increase of nearly 55% in revenues from 2021. Just a year later, we now hold the prestigious 15th place in the ranking with a steady increase in revenues of over 6%.
“Since 2021, we have been experiencing growth that logically positions us among the leading Bulgarian companies in the sector. With over 25 years of history behind us, we have accumulated valuable experience and proven our ability to meet the constant challenges of the market. I believe we will achieve even higher results, following the EU’s policy to reduce dependency on Russian energy sources, thanks to a greater number of suppliers compared to natural gas and the convenient mode of transportation – not through pipelines, but via ships, railways, or road transport. We continue moving forward,” commented Maya Blagoeva, Executive Director of V-Gas.
The data from the National Statistical Institute (NSI) for 2022 reveals a record export of fuels amounting to 1.7 billion BGN. According to the K100 Ranking, the top 15 companies in the Fuel sector have seen their revenues double compared to the previous year, growing from 12 billion BGN to 24 billion BGN, representing a leap of 97%. Analysts from Capital attribute much of this turnover growth to sales in the Ukrainian market, as well as the high price of petroleum products from the previous year.
Read the full analysis here.