Bulgarian majority state-owned tobacco group Bulgartabac Holding scored a net profit of BGN 7.5 million for the first half of the year, up 165.93% year-on-year, the company said yesterday.

The bumper performance came largely on the back of solid growth in the company’s exports.

Between January and June, Bulgartabac Holding ramped up revenue by 21.23%.

However, its share on the domestic market shrank to 36% from 90% three years back and from 50% in 2009.

Total sales of tobacco products in the first six months of the year added up to 6,736 billion pieces worth BGN 123 million put together. Of these, 1,053 billion pieces were sold on the domestic market and a further 5,683 billion were shipped abroad, according to company figures. This represents growth of slightly more than 80% and 56%, respectively.

Growth was also helped by cost-cutting measures and the use of cutting-edge technological equipment, according to Bulgartabac.

Alongside the holding company, Bulgartabac Group comprises also ten subsidiaries including two cigarette factories, in Blagoevgrad and Sofia.