Copper smelter Aurubis Bulgaria reported an increase in profit of approximately 100 million levs (51.1 million euro) for the financial year 2023/24, which ended in September. According to the annual report of Germany's Aurubis group, the Bulgarian subsidiary increased its profit to 200.3 million euro (392 million levs) compared to 148.3 million euro the previous financial year. The results are no surprise, as the plant located near the town of Pirdop had a planned operational shutdown for maintenance in 2022/23, which resulted in lower production.
Although the group's financial data adhere to international accounting standards and the reporting period does not fully align with that in Bulgaria, the results provide a general picture of the company's performance over the past year. For the calendar year 2023 Aurubis Bulgaria reported a profit of 219.5 million levs, so growth could be expected in 2024.
Stable revenue in the segment
Due to the temporary operational halt in 2023, Aurubis Bulgaria saw its revenues decrease by nearly 14% to 7.3 billion levs, causing it to relinquish its position as the largest company in Bulgaria. As of now, it is unclear how the turnover has fared in the last financial year, as the group does not disclose data for individual subsidiaries. Overall, the custom smelting & products segment, which encompasses Aurubis's entire business outside of recycling, maintained stable revenues of 17.3 billion euro in FY 2023/24.
The volume of processed concentrate in the segment decreased by 2% due to scheduled maintenance at the Hamburg plant, the other facility processing raw materials alongside the Bulgarian plant. A total of 2.266 million tonnes were processed during the financial year, compared to 2.319 million tonnes the previous year. This led to a decline in the production of sulfuric acid, a by-product, by approximately 3% to 2.094 million tonnes. Cathode (high-purity copper) production in the segment fell to 578,000 tonnes, down from 603,000 tonnes in the prior year.
The stable revenues of the segment were attributed to a significant increase in copper and precious metal prices during the second half of the financial year, according to Aurubis. However, sales of copper products were weaker.
Expansion in Bulgaria
In the coming years the role of the Bulgarian plant within the group will grow as a result of ongoing projects. In 2024 Aurubis launched its largest investment program since entering the country, totaling 400 million euro, to be completed by 2027. One of the main projects, worth 120 million euro, involves expanding the tankhouse by about 50%, enabling the plant to process all its anode copper into cathodes. By the second half of 2026 the annual capacity will reach 340,000 tonnes.
The group is also investing approximately 46 million euro to introduce a new, more environmentally friendly slag processing method. This is expected to reduce losses and increase copper production by about 500 tonnes annually.
Simultaneously, two new solar parks are being constructed. Following the completion of a 10 MW solar park a few years ago, the new projects will increase the plant's own solar energy production to 40 MW. Nearly 1,000 people are employed at the Bulgarian facility.
Copper smelter Aurubis Bulgaria reported an increase in profit of approximately 100 million levs (51.1 million euro) for the financial year 2023/24, which ended in September. According to the annual report of Germany's Aurubis group, the Bulgarian subsidiary increased its profit to 200.3 million euro (392 million levs) compared to 148.3 million euro the previous financial year. The results are no surprise, as the plant located near the town of Pirdop had a planned operational shutdown for maintenance in 2022/23, which resulted in lower production.
Although the group's financial data adhere to international accounting standards and the reporting period does not fully align with that in Bulgaria, the results provide a general picture of the company's performance over the past year. For the calendar year 2023 Aurubis Bulgaria reported a profit of 219.5 million levs, so growth could be expected in 2024.
