Korado-Bulgaria AD Reports Earnings Results for the First Quarter Ended March 31, 2024

Korado Bulgaria AD is a Bulgaria-based company that specializes in the production and distribution of central heating equipment. The Company produces flat panel radiators, bathroom radiators, fitting elements and solid fuel fireplaces. Korado Bulgaria AD is a subsidiary of Korado AD, which is a Czech steel radiator manufacturer. The Company exports approximately 90% of its production to Germany, Serbia, Montenegro, Bosnia and Herzegovina, Macedonia, the Czech Republic, Germany, Ukraine and the Russian Federation, among others. Korado Bulgaria AD operates a plant in the city of Strazhitsa and a number of warehouses throughout Bulgaria. As of December 31, 2011, the Company’s major shareholder was Korado A.S. with a stake of 98.2%.