Bulgaria's Elana Agrocredit land purchase financing doubles y/y in Oct

Elana Agrocredit financed the purchase of about 68.8 hectares (ha) of land last month, compared to nearly 56 ha a year earlier, the company said in a monthly report on Tuesday.

According to the data, Elana agreed 11 deals for financing purchases of farmland in October, compared with 17 transactions a year earlier.

The company typically finances 80% of the value of land purchases, with agricultural land making up over 91% of its portfolio. For the 2022-2023 crop year, Elana Agrocredit has so far approved loans to clients of some 27.8 million levs in total.

As at 1257 CET on Wednesday, shares in Elana Agrocredit traded 0.51% higher at 0.99 levs on the Bulgarian Stock Exchange.

The company reported in October a standalone net profit of 2.25 million levs for the first nine months of 2022, down from 2.5 million levs in the same months of 2021.

(1 euro = 1.95583 levs)