February 24 (SeeNews) - Bulgarian farming group Agria Group Holding [BUL:A72] said that its consolidated net profit rose to 12.6 million levs ($7.8 million/6.4 million euro) in 2020 from 11.3 million levs in 2019, backed by higher revenue.
Agria Group Holding's revenue grew to 351 million levs last year from 323.7 million levs in 2019, the company said in an annual financial statement, published on Tuesday.
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The company's expenses increased to 338.2 million levs from 312.3 million levs, mostly due to a rise in cost of goods sold.
The holding company and its units invested 786,000 euro in the purchase of farm land in 2020, 570,000 euro in the expansion and modernisation of its storage facilities, and 1.9 million euro in the purchase of agricultural machinery.
Agria Group Holding's unit Kristera also invested 3.875 million euro in the construction of new silos at its base in the town of Popovo last year. The investment increased the base's grain storage capacity by 40,000 mt. to 170,000 mt.
Agria Group Holding's main clients include Glencore Grain, Cargill Bulgaria, Soufflet Negoce - France, ADM Bulgaria and others.
(1 euro = 1.95583 levs)