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Bucharest-listed Purcari Wineries 9-mo net profit rises 55%

Bucharest-listed Purcari Wineries 9-mo net profit rises 55% Purcari Wines

BUCHAREST (Romania), November 15 (SeeNews) - Bucharest-listed wine maker Purcari Wineries [BSE:WINE] said on Monday that its net profit rose by an annual 55% to 39.8 million lei ($9.2 million/8.04 million euro) in the first nine months of 2021.

Revenues were up by an annual 20%, to 166.5 million lei, helped by strong performance in core markets, Purcari Wineries said in a statement filed with the Bucharest Stock Exchange, BVB.

The Romanian market contributed the most to the growth, increasing sales by 24% on the year, while revenues in Moldova soared by an annual 76% in the January-September period. Poland sales fell by annual 20%, in the region comprised of the Czech Republic and Slovakia, sales were 3% lower on the year. In Ukraine, Purcari's sales rose by an annual 7% in January-September. while in the Asian region sales rose by an annual 17%.

Purcari's EBITDA rose by an annual 32% to 58.15 million lei during the nine months through September.

"The pandemic remains a source of uncertainty, with vaccination rates in our key markets lagging behind and many restrictions still in place, but we are confident strong companies like ours will emerge even stronger from this prolonged crisis,"Purcari Wineries CEO Victor Bostan said.

In 2020 Purcari Wineries' net profit grew by 49% to 60.44 million lei, supported by the proceeds from the sale of the group’s stake in Glass Container Company (GCC) to Vetropack Austria Holding in December.

Founded in 1827, Purcari Wineries is one of the largest wine and brandy groups in Central and Eastern Europe. The group manages over 1,300 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 25% segment share, and the largest wine exporter from Moldova, delivering its produce to over 30 countries.

Purcari's shares were trading 1% higher at 15.2 lei on the Bucharest Stock Exchange as at 1512 CET on Monday.

(1 euro=4.9489 lei)