November 18 (SeeNews) - Romanian gardening, hobby farming and pet care products retailer Agroland Business System [BSE:AG] said it opened a new store in the city of Caracal, Olt country, following a 100,000 euro ($103,415) investment.
The new store covers an area of about 400 sq m and features a range of over 2,600 products, Agroland said in a statement filed with the Bucharest Stock Exchange, BVB, on Thursday.
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Agroland representatives estimate an average daily footfall of approximately 150 to 250 people for the new store and sales of over 600,000 euro in 2023.
The new unit marks Agroland’s 21st Mega-type store and its second in Olt county, after Mega Bals.
In February, Agroland announced plans to invest 17 million lei ($3.57 million/3.45 million euro) in developing its business lines this year. The investments were said to target the opening of new stores, the expansion of the poultry business, the modernisation of the Cransebes fodder factory, and the development of the online store.
According to a revenue and expense budget estimate filed with the BVB in February, Agroland targets a net profit of 13.1 million lei on a turnover of 241.2 million lei for 2022.
Agroland was founded in 1997 and currently operates a network of over 250 gardening, farming, and pet stores.
In 2021, Agroland booked a net profit of 6.2 million lei and was the beneficiary of a 120,000 euro government grant directed at the purchase of production materials.
The company is listed on the Bucharest Stock Exchange and currently holds a market capitalisation of 113.4 million lei.
Agroland Business System shares traded flat at 1.288 lei by 1016 CET on Friday on the Bucharest Stock Exchange.
(1 euro=4.9267)