Agroliga Group (Kharkiv Oblast) has generated EUR1.00m of consolidated net profit in January-June 2023, up 24.6% year-on-year.
According to the company’s report on the Warsaw Stock Exchange, its revenue for the first half of the year decreased by 9.4% to EUR24.61 mln.
Due to a smaller increase in the cost of sales, gross profit fell by only 0.7% to EUR3.30m, but distribution costs, which rose by a third to EUR1.54m, led to a 30.0% drop in operating profit to EUR1.44m.
Agroholding notes that its free cash flow at the end of the first half of the year fell to EUR0.20m from EUR2.54m due to a reduction in debt at the end of 2022, while investments fell fivefold year-on-year to EUR0.22m in the reporting period.
The main shareholders of the group are Alexander Berdnik and Irina Poplavskaya with 41.66% stakes each, while another 16.68% of shares are in free float.
As reported, Agroliga Group reported a EUR2.21m net loss in 2022, down from a EUR8.13m net profit a year earlier, due to Russian full-scale aggression. Its revenue rose 18.9% to EUR47.46m.
In its annual report, the agroholding said it operates about 8,000 hectares of land, pressed oil plants with an annual capacity of 42,000 tons, and an oil extraction plant with an annual processing capacity of 100,000 to 180,000 tons of sunflower seeds, which can also produce soybean and rapeseed oil. In addition, the group has completed the construction of energy facilities that operate on a green tariff and ensure waste-free production.
The company employs 332 people as of August 15.
As reported, Agroliga Group earned EUR0.77m in net profit in January-March 2023, up 70.5% year-on-year in January-March 2022. Its revenue for the first quarter increased by 32.4% to EUR12.91m.
