Agroliga group (Kharkiv region) made net profit of EUR0.77 mln in January-March 2023, a 70.5% increase from January-March 2022.
According to the company’s report on the Warsaw Stock Exchange on Tuesday, its first-quarter revenue rose 32.4% to EUR12.91 million.
However, due to higher cost of sales, gross profit rose less, by 11.3% to EUR2.33 million, while distribution costs, which increased 4.2 times to EUR1.01 million, also caused a 36.1% drop in operating profit to EUR1.11 million.
The Agroholding notes that its free cash flow at the end of the first quarter stood at EUR1.67 million, compared with EUR1.74 million at the end of 2022.
The main shareholders of the group are Alexander Berdnik and Irina Poplavskaya with 41.66% each, and 16.68% of the shares are in free float.
As it was reported, Agroliga group received net loss of EUR2.21 million in 2022, compared to net profit of EUR8.13 million a year earlier, which was due to the Russian full-scale aggression. Its revenue grew by 18.9% to EUR47.46 million.
In its annual report the agroholding said it operates about 8 thnd hectares of land, a pressing oil plant with 42 thnd mtpa crushing capacity and an oil extraction plant with 100-180 thnd mtpa sunflower seed processing capacity, which can also produce soybean and rapeseed oil.
In addition, the group completed construction of power facilities that operate at a “green” tariff and ensure zero-waste production.
