EMKA reported Q4’22 revenue of BGN 38.8m, up by 7.3% YoY. Operating expenses amounted to BGN 35.3m (+2.6% YoY), where materials & energy expenses growth was contained (+2.1% YoY; BGN 31.5m), while compensation expenses advanced at a higher rate (+12.4% YoY; BGN 2.2m). As a result, quarterly EBITDA surged twofold to BGN 3.5m (+102% YoY), where margin advanced by 4.2 p.p. YoY to 9.0%, prompting the fact that EMKA is benefiting from the favourable pricing of its strong cable portfolio. Moreover, lower depreciation expenses (-12.2% YoY; BGN 0.5m) led to a surge in Q3 net profit by 309.6% YoY to BGN 1.6m, which put net margin at 4.2%, up by 3.1 p.p. compared to a year-ago quarter. 2022 total revenue reached BGN 163.4m, +17.4% YoY. EBITDA for the period amounted to BGN 15.2m, representing 57.9% growth YoY and 2.4 p.p. YoY margin uplift to 9.3%. OPEX advanced by 14.4% YoY and reached BGN 148.2m, where materials costs were up by 14.6% YoY (BGN 134.2m) and compensations increased 10.5% YoY (BGN 8.5m). Net profit for the year came at BGN 11.8m or BGN 0.54 per share (+78.2% YoY). The company maintains a strong balance sheet with IB debt/equity of just 4.9%, while strong profitability rendered BGN 17.4m operating cash flow, which gives the company a strong confidence in maintaining its dividend distribution track record.