KAZANLAK, Bulgaria (BulgarianMilitary.com) – The director of finance at the biggest Bulgarian military producer “Arsenal” JSCo – Mr. Yanko Kostadinov shared that the year 2018 was the third consecutive one with very good financial results, no reductions are planned and the company operates at a stable state, learned BulgarianMilitary.com

He made this statement in an analytical article for the newspaper “Tribuna Arsenal” at the end of the past year. According to him, the planned annual investments, sales and social activities for 2018 have been fulfilled to the fullest extent.

“The good work of the “Arsenal 2000” company in recent years has led to the provision of the necessary commercial contracts. At the end of 2018, “Arsenal” is secured with more than 50% of signed business contracts for the next 2019 and we are waiting for more good news”, the newspaper “Tribuna Arsenal” writes.

Much of the money is allocated for the investments made in the company and the objectives achieved in the field of social policy.

Read more: About € 4 Million Is Invested by Opticoelectron in 2017

Yanko Kostadinov – Financial Director | Photo credit: Tribuna Arsenal

“In 2018, the company also continued with its serious investment program, which resulted in the opening of new sites, while others were repaired, new equipment was purchased. According to the made estimates, the expected implementation of the production program and the revenues are within 95% of the projected. The investments made so far exceed EUR 15 million, with 10% of them being invested in the improvement of working conditions.”

We recall that, according to the experts’ assessment of the Bulgarian military-industrial production and trade, the companies in this area in 2018 are expected to report worse results compared to 2017. This assessment is made on the basis of the export licenses issued in 2018.

Read more: In 2017 Bulgaria Exported 20% More Arms and Munitions

Signal of this is that the biggest Bulgarian arms trader Kintex exported weapons in the first half of the year with 45% less than the same period in 2017.

According to unofficial data, VMZ-Sopot has nearly 67% less sales revenue for the first half of the year, compared to 2017, and NITI SHC has 16% fewer sales at the end of June, compared to 2017.

Read more: “Arsenal” Arms Plant to Undergo Full Investigation after Seized Illegal Weapons

Against this background and the expectations for the financial results in 2018, Mr. Yanko Kostadinov shares on the pages of “Tribuna Arsenal” that in 2018 “although by a minimum percentage, the average salary in the company has been increased “.

The year 2018 was anniversary for the Bulgarian military producer and it marked 140 years since its establishment. “Arsenal” JSCo is the largest Bulgarian military manufacturer and its production is sold worldwide.

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BulgarianMilitary.com

Source: Tribuna Arsenal