November 25 (SeeNews) - Bulgarian farming group Agria Group Holding [BUL:AGH] said on Friday that its consolidated net profit surged fourfold to 82.1 million levs ($43.5 million/42 million euro) in the nine months through September from 20.6 million levs in the same period of 2021.
Agria Group Holding's operating revenue jumped to 510.5 million levs in the first nine months of 2022 from 332.5 million levs a year earlier, the company said in an interim financial statement.
You can download the 2023 Agriculture industry in Southeast Europe report here
Operating expenses also rose significantly in the review period, to 424.8 million levs from 306.6 million levs in January-September 2021. This increase was largely due to costs for materials which more than doubled to 90.6 million levs, while personnel expenses were also twice as high as the prior-year period at 14.4 million levs. The cost of goods sold at Agria Group shot up to 302.5 million levs from 231.7 million levs a year ago.
In July, Agria Group acquired domestic oilseed and vegetable oils trader AgriVia Oil to advance its long-term strategy of boosting processing and export activities. A month later, Agria Group increased AgriVia's capital by subscribing for 4 million new shares priced at 1 lev apiece.
In September, Agria Group bought back 50,000 own shares, or 0.74% of its own capital.
Shares in Agria Group traded 2.42% higher at 25.40 levs on the Bulgarian Stock Exchange (BSE) as at 1451 CET on Friday, bourse data showed.
(1 euro = 1.95583 levs)