November 15 (SeeNews) - Bucharest-listed wine maker Purcari Wineries [BSE:WINE] said on Tuesday that its net profit decreased by an annual 11% to 35.4 million lei ($7.43 million/7.22 million euro) in the first nine months of 2022.
Revenues were up by 20% on the year, amounting to 199.8 million lei at end-September 2022, Purcari Wineries said in an unaudited statement filed with the Bucharest Stock Exchange.
The highest annual growth in sales for the company, of 56%, was registered on the Asian market, followed by a 29% revenue expansion in Moldova. The Romanian and Polish markets each increased by an annual 11%, while the Ukrainian market registered a 4% increase year-on-year during the first nine months of the year.
Purcari's EBITDA rose by an annual 4% to 60.7 million lei during the nine months through September.
The company's assets amounted to 522.9 million lei at end-September, up 13% compared to end-2021.
"It was a record harvest year for our group and, jointly, with 3rd party grape acquisitions, we are set to benefit from a cost competitive cost structure going into 2023. This is very important, given ongoing inflationary pressures, especially after a very challenging 2021 agricultural season. We are very optimistic about 2023" said Victor Bostan, CEO of Purcari Wineries.
In October, the company acquired 76% of Angel's Estate, a Bulgarian-based winery with 100 hectares of own vineyards and an
annual production capacity exceeding one million bottles.
Founded in 1827, Purcari Wineries is one of the largest wine and brandy groups in Central and Eastern Europe. The group manages over 1,450 hectares of vineyards and operates seven production platforms in Romania, Moldova and Bulgaria. Purcari is the leader in the premium wine segment in Romania, with a 30% segment share, and the largest wine exporter from Moldova, delivering its produce to over 40 countries.
Its shares traded 0.34% lower at 8.89 lei by 1056 CET on Tuesday, data from the Bucharest Stock Exchange showed.
(1 euro=4.8982 lei)