September 21 (SeeNews) - Agroserv Mariuta [BSE:MILK], the Romanian company which owns dairy brand Laptaria cu Caimac, said that its net profit soared by an annual 53% to 600,000 lei ($141,927/ 121,258 euro) in the first six months of the year.
Turnover rose 25% on the year during January-June, reaching 25.6 million lei, Agroserv Mariuta said in a press release on Monday.
Turnover from farming activity amounted to 1.2 million lei in the first half, while revenues from raw milk sales amounted to 4.6 million lei.
The positive evolution of financial results was due to an increase in sales volumes and in the number of products in the store, as well as due to a higher number of independent stores.
"The first half of the year was good for Romanian agriculture, and in terms of our activity, spring brought us enough rainfall to hope for a good harvest for the entire agricultural season. In addition, the capital obtained from the private placement helped us start the project dedicated to the construction of a new hall for glass packaging washing," Laptaria cu Caimac CEO Adrian Cocan said.
In the first half of 2021, the company launched new products on the market and started the works for a new warehouse and the butter and cheese production section financed from a November 2020 bond issue. The management estimates that the warehouse and the production section will be operational by the end of the year.
In the next period, the company will carry out a share capital increase approved by shareholders in August. Agroserv Mariuta will issue 8,655,100 new shares with a nominal value of 0.1 lei per share.
Agroserv Mariuta was established in 1994 and until 2018 was only active in agricultural activities, and had a dairy farm. In 2018, the company established a dairy factory, in whicch it invested over 5 million euro ($5.85 million), and launched the Laptaria cu Caimac brand, under which it produces and sells milk packaged in glass, matured cheeses, sour cream, yogurt.
Agroserv Mariuta was listed on on the alternative market of the Bucharest Stock Exchange (BVB), AeRO, on May 21 and currently has a market capitalization of approximately 130 million lei.
Its shares traded 3.48% lower at 72.2 lei on the Bucharest bourse as at 0910 CET on Tuesday.
(1 euro=4.9481 lei)