September 5 (SeeNews) - Edible oil producer Floarea Soarelui, part of Moldova's Trans Oil group, said its net profit soared eight times to 641 million lei ($32.8 million/33.1 million euro) in the first six months of 2022, compared to 79.7 million lei in the like period of 2021.
The company's shareholders voted not to pay out dividend and instead allocate the profit to the company's development, Floarea Soarelu said in a financial statement published on its website last week.
You can download the 2023 Agriculture industry in Southeast Europe report here
Floarea Soarelui's revenues soared to 4.74 billion lei in the first six months of 2022, compared to 694 million lei in the like period of 2021.
During the January-June period, the company processed over 195,300 tonnes sunflower seeds, compared to 39,400 tonnes in the same period of 2021. Frthermore, Floarea Soarelui produced over 87,100 tonnes of sunflower oil, and 77,600 tonnes of meal used mainly for as fodder.
Almost 90% of all production was exported, according to the company.
As the factory has a total processing capacity of 370,000 tonnes of sunflower seeds per year, the company is working on a plan to produce at least 366,000 tonnes in the 2022-2023 season.
Floarea Soarelui's main production facilities are located in the northern city of Balti. The company has four main divisions: seeds storage, oil production, refining and bottling.
The company has 540 employees.
In 2021, the company processed 161,300 tonnes of sunflower seeds, 32.8% less than in 2020, data posted on its website showed.
Its parent group, Trans Oil, is engaged in activities across the full agricultural value chain - from farming, grain handling, storage and trading to wheat flour production, oilseed crushing and oil bottling.
(1 euro=19.3635 lei)