September 21 (SeeNews) - Romanian agriculture entrepreneurial company Grup Serban Holding [BSE:GSH] said on Wednesday its consolidated net profit rose 40% to 6.8 million lei ($1.38 million/1.38 million euro) in the first six months of 2022.
During January-June, Grup Serban's revenues rose by an annual 71% to of 275.2 million lei, it said in a press release.
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In the first half of the year, the company's turnover nearly doubled with an annual increase of 97% to 240 million lei. The figure was supported by a twofold annual increase in the company's vegetal and trade production business line, to 173.8 million lei. The turnover from the poultry business rose 131% on the year to 50 million lei, while that from the bakery business increased 16% year-on-year, to 20.7 million lei.
"Within the vegetal activity, in the first six months of the year, we operated a total area of 11,157 hectares and traded a volume of 87,719 tons of cereals and oilseeds, effectively using the 162,402 tons of storage capacity. Regarding bakery products, the volumes achieved exceeded 2,300 tons, while poultry production exceeded 4,000 tons," said Grup Serban's Chairman of the Board of Directors, Nicolae Serban.
Founded in 1994, Grup Serban Holding is active in agriculture, cereals trading, oil plants and vegetables, poultry farming, bakery, catering, as well as distribution and transport. At the end of 2021, the group raised 12.7 million lei in a private placement of its shares.
The group said in April it targets a net profit of 33.9 million lei and a turnover of 540.9 million lei in 2022.
Grup Serban's shares traded 0.78% higher at 1.945 lei per share by 1134 CET on Wednesday, on the on the AeRO market of the Bucharest Stock Exchange.
(1 euro=4.9436 lei)