March 5 (SeeNews) - Bulgarian farming group Agria Group Holding [BUL:AGH] said its consolidated net profit sank to 25.6 million levs ($14.2 million/13.1 million euro) in 2023 from some 68.6 million levs a year earlier as a result of a rise in expenses.
Agria Group's operating expenses jumped by an annual 19% to 751.8 million levs last year, the company said in a financial statement last week. The increase was mostly driven by higher costs for materials and the book value of assets sold, which went up 24% and 10%, respectively.
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The company's total revenue grew to 779.9 million levs in the review period from 709.3 million levs in 2022. Sales of products surged by 48% year-on-year to 108.5 million levs, while sales of goods climbed to 612.8 million levs from 611.2 million levs.
Agria Group consolidates several subsidiaries active in agribusiness, storing and processing of oil crops and exports.
Last month, the company said it finalised the acquisition of local grain and oilseeds producer Komerce. In January, the European Investment Bank agreed to lend 35 million euro ($37.8 million) to Kristera, part of Agria Group, to help finance the construction of a new sunflower oil processing plant in the northern town of Popovo and the purchase of railcars to transport edible oils.
As of 1530 CET on Tuesday, shares in Agria Group traded 1.24% lower at 19.95 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)