The solar panel trader AmonRa Energy AD, which listed its shares on the beam market of the Bulgarian Stock Exchange at the end of November 2022, has changed its plans and is preparing construction on a base in Shumen instead of in the Stara Zagora (Radnevo) region.
This was announced to Investor.bg by the company’s founder, Eng. Dimitar Beleliev.
The company has rented a warehouse in Shumen, from which it is already operating. The company has also purchased land in the Shumen Industrial Park, on which it will build a warehouse and logistics base. The design process for the site is currently underway, with plans to open it within 12 months, Beleliev said.
The company is also looking at locations for its investment in Romania. Separately, negotiations are underway to acquire the main partner and distributor of AmonRa Energy in our northern neighbor. For the time being, the company cannot provide more details on the prepared deal.
Dimitar Beleliev indicated that he expects AmonRa Energy’s sales in Romania to reach 20% of the company’s total sales.
At the same time, the company’s sales growth in Greece is timid. “In Macedonia, our sales are good, but given the size of the country, miracles cannot be expected. Serbia is still sleeping. In short, the market in the southern parts of the Balkans is relatively weak,” he adds.
As for the company’s turnover, which this year is significantly lower than the forecasts in the prospectus, Beleliev explained that one of the reasons is the twofold drop in the production prices of solar components worldwide. “We sell twice as much production at half the price, and that’s why our turnover has not increased by much,” he added.
He predicts that the company’s revenues will continue to grow, and that a good dividend will be distributed next year. This year, the company distributed just under 5 million leva to shareholders .
AmonRa Energy recently announced that it received 90% of the profit of its subsidiary CERB Solar EOOD for 2022 as a dividend, or a total of 861,538 leva.
For the first half of the year, AmonRa Energy reported a consolidated net profit of BGN 2.41 million, with consolidated revenues of nearly BGN 27.2 million and expenses of BGN 24.8 million.
AmonRa Energy is the first photovoltaic company on the beam market of the Bulgarian Stock Exchange-Sofia. The company’s shares are up just over 1% compared to their issue price.
