November 22 (SeeNews) - Romania's agricultural company Holde Agri Invest [BSE:HAI] said on Tuesday that its net profit decreased by an annual 84% to 430,000 lei ($89,050/87,014 euro) in the first nine months of 2022, compared to a net result of 2.6 million lei in the like period of last year.
The decrease of the net result was influenced by the volume of the 2021-2022 agricultural year's harvest which remained unutilised, Holde Agri said in a financial report filed with the Bucharest Stock Exchange.
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The company's turnover jumped 85% on the year to 86.5 million lei, driven by the scaling of the operated land, the increase in quotations of agricultural products on international markets, and by the general increase in the prices of inputs related to ongoing production.
Holde Agri Invest targets a net profit of between 12 and 15 million lei in 2022 and a turnover of between 95 and 100 million lei, the report further showed.
Holde Agri's earnings before interest, tax, depreciation and amortisation (EBITDA) rose by an annual 31%, to 8.55 million lei during January-September, impacted mainly by the scaling of the operated land. For 2022, the company expects its EBITDA to reach between 25 and 28 million lei.
The company's total assets grew 39%, compared to the end of 2021, reaching 239.9 million lei at end-September.
In the first nine months of the year, Holde Agri invested 26.8 million lei of its own funds and from borrowed capital into multiple acquisitions, such as a farm in Contesti, in the southern county of Dambovita, various land plots and technological equipment.
Holde Agri Invest was established in 2018 and currently operates 14 entities in the agricultural sector, of which 12 are crop farms in the counties of Teleorman, Dambovita and Calarasi. In 2021, Holde Agri booked a 7.3 million lei net profit, up by an annual 38%, an earlier report indicated.
Its shares traded 2.55% lower at 1.53 lei as of 0938 CET on Tuesday on the AeRO market of the Bucharest Stock Exchange.
(1 euro=4.9417 lei)