November 25 (SeeNews) - Romanian integrated agribusiness company Chromosome Dynamics [BSE:CHRD] said that its net profit jumped to 107,557 lei ($22,696 million/21,812 euro) by the end of September, from 7,522 lei in the year-ago period.
The net result is in line with the company’s expectations and the relatively small figure is explained by a period of strong investments across all business lines, Chromosome Dynamics said in a financial report filed with the Bucharest Stock Exchange on Thursday.
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"Profitability growth will be boosted by the business model that systemically and synergistically brings together several business lines that leverage and serve each other towards the realisation of the development strategy," the company said.
However, Chromosome estimates the geopolitical and macroeconomic context will continue to impact the its business, with recent hyperinflationary trends and uncertainties in the energy sector, supply logistics systems, affecting the entire ecosystem.
Bolstered by an increase in the monetisation of new products and consulting services offered to large and medium-sized agricultural producers, Chromosome Dynamics' turnover soared by an annual 126.8% to 6.1 million lei in the January-September period.
The sale of goods both through the Agrobazar marketplace and direct distribution accounted for 56% of the company’s turnover, while B2B consulting activities were responsible for the remaining contribution of 45.4%.
Chromosome Dynamics's total revenues reached 6.2 million lei during the first nine months of 2022, soaring by 130.4% on the year.
Total expenses grew by 125.2% on the year, reaching 6 million lei in the first nine months of 2022, with operating expenses making up 99.62% of all costs.
Total assets grew by 53.8%, reaching 9 million lei at the end of September, compared to 5.8 million lei at the end of 2021.
Debt surged by 360.8% to 3.9 million lei at end-September, compared to the 852,964 lei owed at the end of 2021.
In 2021, Chromosome Dynamics booked a turnover of 4.7 million lei and a 976,065 lei net profit, data from the finance ministry’s website shows. The company employed 11 at end-2021.
Chromosome Dynamics was listed on the Bucharest bourse’s AeRO market in May, after a private placement that attracted 60 investors in the previous year.
Chromosome Dynamics shares last traded at 28.8 lei on November 22, data from the Bucharest Stock Exchange showed.
(1 euro=4.9309 lei)