September 13 (SeeNews) - Romanian agricultural company Agroland Agribusiness [BSE:AAB] said on Tuesday its net profit jumped by an annual 53% to 1.2 million lei ($352,083/346,606 euro) in the first half of 2022.
Agroland Agribusiness' turnover rose to 25.9 million lei in the first half of 2022, compared to 13.3 million lei in the like period of 2021, it said in a press release.
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The highest increase in turnover in the first six months of the year, of over 113%, was registered in the fertilizers category, as sales amounted to 10.8 million lei. The pesticide category grew by 4% to 9.3 million lei, while the sale of seeds increased by an annual 39% to 6.6 million lei during January-June.
The improved financial results were driven by increased productivity of the company's operations, as well as the listing of its shares on the Bucharest Stock Exchange, according to CEO Florin Radu.
Thus, the company expects net sales of 47.9 million lei and a net profit of 3.4 million lei in 2022.
"Our objective for this year is for the receivables not to exceed 55% of the turnover. We believe this threshold is healthy for the business and protects us against a major risk of non-payment, which could negatively impact the continuity of our business," CEO Florin Radu said.
Agroland Agribusiness is a Romanian company that specializes in the marketing of agricultural products. The company is currently active in the counties of Dolj, Olt, Mehedinti, Arges, Teleorman, Valcea, Gorj, Dambovița, Ilfov, Ialomita, Calarasi, Tulcea, Braila, and Constanta, in the southern region of the country.
The company is listed on the AeRO market of the Bucharest Stock Exchange and has a market capitalization of approximately 38 million lei.
Its shares traded flat at 6.82 lei by 1101 CET, bourse data showed.
(1 euro=4.9047 lei)