Bulgaria's Agria Group 9-mo net profit halves on higher expenses

Agria Group's operating expenses jumped by an annual 28% to 549.3 million levs in January-September, the company said in an interim financial statement on Wednesday. The rise was driven by higher costs for materials and the book value of assets sold.

The company's total revenue grew to 590.6 million levs in the review period from 510.5 million levs in the nine months through September 2022. Sales of goods generated 454.6 million levs, up 7% in annual terms, whereas sales of products added 20% to 86.2 million levs.

The group consolidates several subsidiaries active in agribusiness, storing and processing of oil crops and exports.

In November, the Bulgarian competition authority said Agria Group submitted for approval its planned acquisition of local cereals and oilseeds producer Komerce.

As of 1330 CET on Friday, shares in Agria Group traded 0.99% higher at 20.40 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)