The Bulgarian manufacturer of IoT devices Allterco reports annual growth in both sales and net profits for the first nine months of 2021. The company’s consolidated sales for the period reached BGN 38.5m increasing by 31.2% y/y on the growing demand for Shelly devices. Other income jumps tenfold y/y to BGN 555k on the back of positive impact of FX differences. Meanwhile total operating expenses increased with a slower pace of 21.7% y/y to BGN 27.9m due to growth in costs of goods sold, marketing expenses, salary and insurance expenses and other administrative expenses as a result of the expanding sales volumes. Consequently, the Company’s operating profit soared 87.7% y/y to BGN 11.4m. The Group reported positive net financial income compared to previous periods which includes BGN 49k from the sale of shares in the Link Mobility Group and BGN 201k from the sale of shares in the three Asian subsidiaries. As a result, net profit climbed to BGN 10m, up 88.3% y/y adding 8.37 p.p. y/y to its margin of 26% and yielding an EPS of 0.569 (up 64% y/y) for its shareholders. Please note that recently Allterco debuted on the Frankfurt Stock Exchange and is currently trading at a P/E of 41.6 (as of close price of 25th Nov).