December 16 (SeeNews) - Bulgarian financial leasing company Elana Agrocredit [BUL:EAC] said on Friday that it signed deals to finance purchases of agricultural land worth 2.32 million levs ($1.26 million/1.18 million euro) in November, up from contracts worth 546,593 levs in the same month of 2021.
Elana Agrocredit financed the purchase of about 107.6 hectares (ha) of land last month, compared to about 33.5 ha a year earlier, the company said in a monthly report.
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According to the data, Elana agreed 27 deals for financing purchases of farmland in November, compared with 11 transactions a year earlier.
For the 2022-2023 crop year, Elana Agrocredit has so far approved loans to clients of some 28.2 million levs in total.
The company typically finances 80% of the value of land purchases, with agricultural land making up over 91% of its portfolio.
As at CET 1433 on Friday, shares in Elana Agrocredit traded flat at 1.01 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 period of 2021.
(1 euro = 1.95583 levs)