Bulgaria's Elana Agrocredit land buy financing falls 8.5% y/y in Jan

Elana Agrocredit financed the purchase of 30.1 hectares (ha) of land last month, down from 35.3 ha a year earlier, the company said in a regular activity report on Wednesday.

In monthly comparison terms, the value of deals plunged by 82% in January, from some 4.11 million levs in December, with the financed land volume dropping from roughly 233.2 ha.

The financial leasing company agreed 11 land purchase financing deals in January, compared to 6 in the same month last year and 26 in December.

Last month, Elana Agrocredit said its net profit declined to 2.7 million levs in 2023 from 2.8 million levs the previous year, mainly due to a jump in expenses.

Shares in Elana Agrocredit last traded on Wednesday when they closed at 1.07 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)