April 30 (SeeNews) - Romanian agricultural group DN Agrar [BSE:DN] said on Tuesday that its net profit soared by 63% year-on-year in 2023, reaching 22.7 million lei ($4.89 million/4.56 million euro).
Revenue edged up by an annual 0.1% to 150.9 million lei last year, it said in a financial report filed with the Bucharest Stock Exchange.
You can download the 2023 Agriculture industry in Southeast Europe report here
The improved results were driven by an increase in milk production, production cost optimisations, and investments in the automation of processes within farms, DN Agrar said.
The company's operating result increased by 45% on the year to 34.5 million lei in 2023.
In 2024, DN Agrar aims to develop a new farm spanning 10 hectares in Straja, in the western county of Hunedoara, with 600 dairy cows. The company will operationalise the farm in the third trimester of the current year and will gradually increase its capacity to a maximum of 5,000 cattle by end-2027.
The company projects its net profit will increase by an annual 36% to a 30.1 million lei in 2024.
DN Agrar, established in 2008, comprises 13 companies. The group's portfolio includes more than 14,000 cows and over 7,000 hectares of cultivated land in the counties of Alba, Sibiu and Hunedoara. The group's goal is to reach 10,000 hectares through the acquisition of other farms.
DN Agrar Group's shares traded 0.63% lower at 1.58 lei as of 1144 CET on Tuesday on the Bucharest bourse.
(1 euro=4.9758 lei)