“Vazovsky Machine Building Plants” (VMZ) in Sopot report a record 828 million BGN net sales revenue for 2023, which is twice as much as compared to the previous year. This is shown by the company’s data.
Increase capacity
The company reports an increased demand for special products on the market. Therefore, it is planned to increase the capacity with new technologies and lines, with the costs for fixed assets exceeding BGN 20 million.
More: Bogdanov: Bulgaria cumulatively produced more ammunition than all of Europe in 2023.
The company’s explanation for the increased interest in the production is that VMZ produces various Soviet-type ammunition, projectiles and missiles that are bought by NATO countries.
Workers at the state-owned company have increased by nearly 500 people to over 4,100 people over the past year. Their remunerations are also constantly increasing.
Employees at VMZ EAD – Sopot will receive additional remuneration before Easter. It will be in the amount of one minimum wage for the company. About BGN 760 will go into the wallet of each person working in the largest state-owned company from the defense industry, the management of the Defense Ministry announced.
With this, the Board of Directors of VMZ continues the tradition from recent years of charging one minimum wage each before Christmas and Easter.
More: Bonuses for Easter are given out in VMZ – Sopot
The benefit was agreed with the union partners and is based on the good financial results of the company. The unions are satisfied with the company’s management.
In the past two years, since Russia invaded Ukraine, the military has been on the rise. Its revenue and profit are expected to grow in 2024 as well. The company is the largest employer in the region and the interest of job seekers in the Sub-Balkans is mainly focused on it.
Tags: war Ukraine fills pockets arms industry VMZ Sopot record revenues
