Bulgaria's Agria Group 9-mo cons net profit up fourfold y/y, revenue rises 53%

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.

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)