June 20 (SeeNews) - Bulgarian financial leasing company Elana Agrocredit [BUL:EAC] said it signed deals to finance purchases of agricultural land worth 815,130 levs ($439,160/416,770 euro) in May, up from just 4,483 levs in the same month of 2021.
Elana Agrocredit financed the purchase of 44.2 ha of land last month, compared to 0.56 ha in May 2021, the company said in a monthly report on Friday.
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In the fifth month of 2022, Elana Agrocredit agreed 13 deals for financing purchases of farmland.
In May, Elana Agrocredit's shareholders approved a gross dividend of 2.45 million levs, or 0.06726 per share, for 2021, with 10% of the net profit of 2.72 million levs to be allocated to the company's reserve fund. This is slightly lower than the dividend of 0.0708 levs per share, or 2.58 million levs, paid out by Elana Agrocredit for 2020.
The company typically finances 80% of the value of land purchases, with agricultural land making up over 91% of its portfolio.
Shares in Elana Agrocredit closed flat at 1.0 levs on Friday, according to the most recent trading data available from the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)