January 26 (SeeNews) - Bulgarian financial leasing company Elana Agrocredit [BUL:EAC] said on Friday that its net profit declined to 2.7 million levs ($1.5 million/1.4 million euro) last year from 2.8 million levs in 2022, mainly due to a jump in expenses.
Elana Agrocredit's total revenue in 2023 surged to 24.3 million levs from 9.1 million levs a year earlier, the company said in a financial statement. Sales of goods generated 18.3 million levs, compared to 3.9 million levs in 2022.
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In parallel, the company's operating costs went up to 21.3 million levs in the review period from some 6 million levs the prior year on the back of other economic expenses.
Elana Agrocredit signed 86 deals to finance purchases of a total of 1,125 ha of agricultural land worth about 23.7 million levs in the fourth quarter of 2023. For the full year, the total value of properties whose purchase was financed by the company amounted to 167.8 million levs.
In October, the company agreed with United Bulgarian Bank to take out a loan of up to 6.5 million euro ($7.1 million) to finance its operations until June 2024.
As of 1200 CET on Friday, shares in Elana Agrocredit traded 0.93% higher at 1.08 levs on the Sofia bourse.
(1 euro = 1.95583 levs)