Bulgarian VMZ Sales Skyrocket 80% in H1 2023 Amid Ukraine Tensions 

In the first half of 2023, Bulgaria's VMZ recorded an 80% increase in sales, reaching 392 million leva, driven largely by the ongoing conflict in Ukraine.


In the first half of 2023, Bulgaria’s state-owned arms firm, “Vazovski Mashinostroitelni Zavodi” (VMZ) in Sopot, saw an 80% rise in sales, tallying 392 million leva, largely due to the Ukraine conflict. These figures already surpass 2021’s entire revenue. However, 2022 data is unavailable as the Ministry of Economy hasn’t released its annual report. VMZ may soon exceed its peak turnovers from 2016-2017. Conversely, “Kintex” sustained a 93% revenue drop. Notably, Bulgarian arms sent to Ukraine are unofficially transacted via intermediaries. “Terem – Holding” showed varied performance, with its “Khan Krum” plant rising 202% and “Tsar Samuil” dropping 40%. Most of VMZ’s Ukraine exports are channeled through “Bulkomers KS”, a top VAT return firm in 2022. VMZ’s workforce grew 13% in 2022 and another 11% by mid-2023. After an 830% Q1 2023 sales boost, VMZ aims to achieve 400 million leva in orders by year’s end. 

Source: Novinite.com

Jakub Warzecha

Creative copywriter, archaeologist. Interested in history, technology and military matters. Specializes in marketing communications and application architecture design.

Latest from Bulgaria