Bulgarian Chamber of Commerce and Industry’s top 100 firms

The Bulgarian Chamber of Commerce and Industry (BCCI) released on September 20 its eighth annual list of the top 100 companies in Bulgaria ranked by domestic sales and profits.

Together, the firms generated 21.167 billion, about 55 per cent of Bulgaria’s GDP. Their revenues add up to about 55 billion leva.

Top of the list was the National Electricity Company, with 2 387 066 000 leva in sales revenue. It was the fifth consecutive year that the NEC was top of the list.

Among the 50 biggest holdings was Bulgargaz with revenue of 111.7 million leva. It was followed by Industrial Holding, which moved up to second place from eighth place last year. Third place went to Videolux Holding.

“The rating list is absolutely objective, because we use only public information, submitted to tax authorities by the firms themselves,” said BCCI chairperson Bozhidar Bozhinov.

Others that topped the list in sales in 2005 were the Bulgarian Telecommunications Company (1 014 029 000 leva, a decrease of two per cent compared to the previous year), OMV Bulgaria (576 762 000 leva), Petrol (559 867 000 leva) and Stomana Industry (502 598 000 leva). Other strong performers in sales income included Nafta Trading, Maritsa Iztok thermal power plant, Overgas Inc. However, last year’s leaders like Kremikovtsi, LUKoil Neftochim, Kozloduy nuclear power plant and the electricity distribution utilities did not make the ranking this year.

Pharmaceutical company GlaxoSmithKlein posted the highest sales growth, of more than 8000 per cent, while the Droujba Glassworks turned in the best performance in terms of profit per 100 leva of sales.

Other highly successful domestic holdings were Industrial Holding Bulgaria (29 million leva) and Videolux Holding (25.8 million leva).

The companies in the BCCI Top 100 posted a combined total sales income of 56 billion leva in 2005, an increase of 30.7 per cent compared with the Top 100 result in 2004, and well above the 14.23 per cent growth that was the national average.

The sales of the best performers made up 55.23 per cent of the total sales income logged by companies in Bulgaria.

Foreign companies performed better in 2005 compared to previous years, the BCCI said.

The data for the financial results of the total of more than 5000 companies on which the ranking is based were collected from public sources including audit reports, press releases and the stock exchange. The ranking includes only the companies which posted positive 2005 financial results.

BCCI uses the same criteria as the ones applied in the world business rankings by Forbes and Fortune, meaning criteria which are solely of an economic nature, Bozhinov said. The list will be presented to foreign partners and investors in more than 200 Chambers of Commerce and Industry in the world, as well as at international forums where Bulgaria takes part, Bozhinov said. He said that the rankings are sent out to all Bulgaria’s trade missions aboard and foreign diplomatic missions in Bulgaria.

The BCCI Top 100 includes 100 companies ranked in terms of biggest sales revenues; 100 companies ranked in terms of net profit/authorised capital ratio; 100 companies ranked in terms of net profit/total assets ratio; the leading 50 holdings and economic groups who maintain consolidated balance sheets, where the selection criteria were the end-year value of profit; and the leading 10 companies in each of the six planning regions in Bulgaria ranked in terms of sales revenue.

Seventy-two per cent of the companies work in the area of services, the rest in production.

The top 10 companies for 2005
1  National Electricity Company
2  Bulgarian Telecommunications Company
3  OMV
4  Petrol (fuel retailer)
5  Stomana Industry (iron and steel)
6  Naphta Trading (trade)
7  Bulgarian Maritime Shipping
8  Maritsa Iztok 2 electric power utility
9  Overgas Inc (natural gas, household gasification)
10 Toplivo (trade).

Sofia Echo News Agency

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