Financial group Eurohold Bulgaria AD has experienced significant growth in the first quarter this year, due to rising revenues in insurance, car sales and car leasing.
Consolidated operating revenues rose 16 percent to $169 million in the first quarter, according to a press release on the Eurohold website. Euroins Insurance Group, the insurance portion of Eurohold, experienced the most growth at 44 percent during the first quarter compared to the same time last year. The company's automotive holding group, Avto Union AD, and leasing group, Eurolease Group EAD, also experienced double-digit growth during this period. Avto Union has sold more than 1,000 new cars so far this year, up 30 percent from the first quarter last year.
"The results we achieved are due to the growth of all business lines on all main markets on which the holding company has been operating," Kiril Boshov, chairman of Eurohold Bulgaria's management board, said in the release. "The overall economic growth in the region is driving additionally the sales of insurance products, new cars and leasing. We expect that our consolidated revenues will rise up to 1.4 billion through the end of 2017 and this growth will be accompanied by an improved profitability of the company."