August 25 (SeeNews) - Bucharest-listed wine maker Purcari Wineries [BSE:WINE] said on Wednesday that its net profit rose by an annual 31% to 20.37 million lei ($4.8 million/4.1 million euro) in the first six months of 2021.
Revenues were up by an annual 25%, to 106.5 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 29% on the year, while revenues in Moldova grew by an annual 76% in the January-June period. The Asian region registered the highest annual growth, of 160%.
Purcari's EBITDA rose by an annual 24% to 35 million lei during the six months through July.
"We see ongoing strong demand for our brands and manage to maintain good margins despite the higher cost base driven by the weak 2020 harvest. Fortunately, 2021 season is looking very encouraging so far from a harvest perspective, which puts us in a good position margin wise going forward," Purcari Wineries CEO Victor Bostan said.
In 2020 Purcari Wineries' net profit grew by 49% to 60.44 million lei, supported by the gain from the sale of the group’s stake in Glass Container Company (GCC) to Vetropack Austria Holding in December.
In May, Purcari announced that it has acquired 10% of Czech online retailer 8Wines.com.
Founded in 1827, Purcari Wineries is one of the largest wine and brandy groups in the CEE region. 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 1.72% higher at 14.75 lei on the Bucharest Stock Exchange as at 0914CET on Wednesday.
(1 euro=4.9286 lei)