Most of the members of the club of the largest one hundred companies in Bulgaria are familiar names. After all, becoming a company with more than BGN 500 million in revenues (the result of the 100th participant in the ranking) is not an easy task. Still, there are new names.
Two groups of firms can be singled out. One is of companies that have grown and risen from lower positions and are now debuting in the top hundred. The others are unknown names, often newly established firms, part of larger groups or using Bulgaria as a convenient tax destination. Here is some information about these two groups.
Who climbed into the top 100
The Kardzhali-based manufacturer of rubber, plastic and metal automotive components Teklas-Bulgaria made a big jump (from 102nd to 75th place). Two decades after it entered Bulgaria, the Turkish-owned company has a turnover of BGN 624 million (EUR 319 million), a profit of BGN 88 million and almost 3,000 employees, and plans to grow revenues by a further 30% in 2024, according to its 2023 annual financial report. Teklas' production is exported to Europe, Asia and North America, and among its customers are majors such as Mercedes-Benz, BMW, Volkswagen, Volvo, etc. For several years, the company has also made components for hybrid and electric cars, including for Tesla.
An auto parts retailer, Polish-owned Inter Cars Bulgaria, climbed from 111th to 79th place. It was established in 2011 and today has a turnover of more than BGN 600 million, making it a leader in its sector. The Polish parent company was founded in 1990 by the Oleksowicz brothers Piotr and Krzysztof, and Andrzej Olyszewski. Gradually it became the leader in Poland, later it started to expand to foreign markets and today it is the leading automotive parts retailer in Central and Eastern Europe and number two in Europe. In Bulgaria, the company operates through wholesale warehouses, with the 39th site opened in 2023, and 135 employees.
Coca-Cola Hellenic Bottling Company Bulgaria also entered the top 100, climbing from 110th to 83rd place. The Greek-owned producer of Coca-Cola managed to increase its revenues by over BGN 100 million in 2023 by raising prices, expanding sales volumes, and gradually shifting to mineral water (Bankya), juices, tea, coffee and alcohol sales. The company employs over 1,000 people and has a separate outsourcing center for other companies of the group.
Two traders also make their debut in this year's edition of K100. First comes the SOpharmacy chain, part of the Sopharma group, which owns 200 pharmacies in more than 40 cities in Bulgaria, as well as one of the largest online pharmacies. Earlier this year it has entered the market in Serbia. The T Market chain of supermarkets is also on the rise. It operates through the company Maxima Bulgaria, which has been present on the Bulgarian market since 2005 and is part of Lithuania's Maxima Grupe. The chain is the fifth largest in Bulgaria, has a revenue growth of 15% and its revenue is close to half a billion levs.
The unfamiliar names
The top name in the ranking is fuel retailer Martankship. It is very likely that the firm has been registered in Bulgaria for tax reasons, as it does not operate here. It is owned by Alexander Bezzina, a Maltese national. The company presents itself as a trader and was established in 2018. Five years later, it reported revenues of BGN 1.9 billion, 115% annual growth and BGN 56 million in profit, all with eight-member staff, up from two in the previous years.
The second group of "strangers" are the arms dealers. There are three such companies in the top 100. Leading this sub-list (33rd place) is VTIC International, which increased its revenue by almost 277% to BGN 1.15 billion in 2023. According to its website, the company is the successor to VTB Export Import, owned by Vasil Vassilev, a former military attaché of Bulgaria in Moscow. VTIC International is owned by his grandson Petar Vassilev. The company trades in ammunition, military machinery and weapons and operates worldwide, including in Europe, the US, Africa, the Middle and Far East. According to the report, the bulk of its revenue comes from exports (82%).
The second name in this echelon is Bulkomers KS (37th place), which also passes the BGN 1 billion revenue mark. The company is owned by Kaloyan Stanislavov. It is the main intermediary in the export of Bulgarian arms to Ukraine. This explains its cosmic growth in 2022, when its revenues soared more than 80 times. The third little-known trader is Obsidian Trade. The company is owned by Kaloyan Todorov, who has no other holdings. The company was registered at the end of 2019 and has had 8-9 employees in the last two years. It does not have a website, and its activity report tersely states that it trades in defense-related products, and transactions are made with customers in the European Union and third countries.
The group of energy companies around US-sanctioned businessman Hristo Kovachki frequently changes its main trading arms. In the current ranking, it is listed with Nomad Energy Company and Hydro Power Utilities, which are the first- and second-largest domestic electricity traders, respectively.
The EGT group, associated with businessman Valter Papazki, has also been in the rankings for several years. The largest company, Euro Games Technologies, has revenues of over BGN 700 million and is ranked 65th. Now a second company enters the top 100 - Amusenet Interactive (until recently EGT Interactive), in last position in the top 100 with a turnover of just over half a billion. The group makes gaming hardware and software, operating globally.
Sofia-based Euroconsult has been part of K100 for years, but remains largely unknown. The company has only 1 person employed as staff. The grain trader is owned by Vasil Mihaylov Vassilev. Through the Malta-registered Sun Investments Limited, he is also the sole owner of the capital of Europack - a producer of hulled sunflower kernels with 299 staff and a factory in the town of Popovo. In the company's profile on the jobs.bg website, Europack presents itself as the world's largest producer of shelled sunflower seeds for the food industry and is actively recruiting.
Most of the members of the club of the largest one hundred companies in Bulgaria are familiar names. After all, becoming a company with more than BGN 500 million in revenues (the result of the 100th participant in the ranking) is not an easy task. Still, there are new names.
Two groups of firms can be singled out. One is of companies that have grown and risen from lower positions and are now debuting in the top hundred. The others are unknown names, often newly established firms, part of larger groups or using Bulgaria as a convenient tax destination. Here is some information about these two groups.
