site.btaBulgarian Chamber of Commerce and Industry Announces Business Top 100 Ranking

Bulgarian Chamber of Commerce and Industry Announces Business Top 100
Ranking

Sofia, September 8 (BTA) - Companies in the sector of machine
building are among the best-performing businesses in 2013
according to the Top 100 ranking of the Bulgarian Chamber of
Commerce and Industry (BCCI), BCCI's Olga Chougounska said on
Monday, presenting the results of the ranking together with BCCI
 Chairman Tsvetan Simeonov. In 2013 the companies in the sector
achieved the best growth in revenues and profits against own
investments.

The ranking covered 6,230 companies accounting for 82.05 per
cent of Bulgaria's Gross Domestic Product in 2013.

Next after machine building is the construction sector, but BCCI
 experts said this was mostly thanks to public procurement and
public projects. The companies working in carriage and
forwarding performed well too, as did businesses in engineering
and consultancy services.

Tourist businesses have a modest showing in the Top 100, with a
meagre two per cent presence in the different categories of the
ranking. According to BCCI analysts, the absence of a viable
national tourism promotional campaign is one of the main
problems of the sector.

Tsvetanov said that many companies in the non-financial sector
are reluctant to publish their annual financial statements.
There are some who pay the ensuing fines but still do not
publish their financial statements, he said. In Simeonov's
words, this is due to fear from being pressured by parties or
groups with demands for financing, as well as to concerns to
show one's true profits, which is especially true for retails
chains.

The top 100 companies ranked in terms of increase of sales net
revenue have attained an average growth of 207 per cent of sales
 revenue in 2013. They generated an aggregate of 457 million
leva in sales revenue in 2013, against 49 million in 2012. The
average annual profit in 2013 was 395,000 leva, double the 2012
figure of 134,000 leva. The debts of the top 100  companies fell
 by 56 per cent on average.

Simeonov said the results are obtained because no matter the
ongoing political instability in Bulgaria, a number of important
 economic conditions have not changed: taxes have remained the
same and the relative low indebtedness of they State has
persisted. SN /ZH/





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