February 26 (SeeNews) - Bucharest-listed Purcari Wineries [BSE:WINE] said on Friday that its net profit grew by an annual 49% last year - to 60.44 million lei ($15 million/12 million euro).
Net profit in 2020 was supported by the gain from the sale of the group’s stake in Glass Container Company (GCC) to Vetropack Austria Holding in December, Purcari Wineries said in a statement filed with the Bucharest Stock Exchange, BVB.
EBITDA contracted by an annual 8% during 2020, to 60 million lei.
Revenues were 2% higher year-on-year at some 203 million lei, driven by modern trade channel, with particularly strong performance in Romania (+24%), Poland (+13%), Ukraine (+11%), Baltics (+19%), which compensated the drops in Moldova (-38%) and China (-44%).
In Romania, the flagship Purcari brand led the growth in 2020, and strong modern trade traction compensated for the weaker HoReCa channel. Moldova was the group's market most affected by lockdown due to Covid-19, as it is most dependent on HoReCa and duty-free gains, Purcari explained.
"I am proud about the results demonstrated by the team, who worked around the clock this past year, against a very challenging operating backdrop. In such a fragmented industry as ours, each crisis offers plenty of opportunities for strong, well-capitalized players like Purcari, so I am confident we are emerging in a much stronger position from this pandemic," Purcari Wineries CEO Victor Bostan said.
Founded in 1827, Purcari Wineries Plc is one of the largest wine and brandy groups in the CEE region. The group manages over 1,400 hectares of vineyards and operates four production platforms in Romania and Moldova. Purcari is the leader in the premium wine segment in Romania, with a 30% share, and the largest wine exporter from Moldova, delivering to over 40 countries.
In February 2018, the group listed on the Bucharest Stock Exchange and is now part of the blue-chip BET index.
Purcari Wineries' shares traded 0.84% higher at 24 lei as at 1440 CET on Friday on the BVB.
(1 euro=4.8745 lei)