Romania's Holde Agri Invest widens net loss in 2023

The group’s consolidated revenue shrank by an annual 18% to 97 million lei in the twelve months through December, mainly driven by lower prices of agricultural products on international markets, Holde Agri said in a preliminary financial report filed with the Bucharest Stock Exchange.

Operating expenses grew by 5% year-on-year to 127.1 million lei in 2023 due to higher costs of inputs for crop formation and initial works. Operating loss amounted to 30 million lei, primarily influenced by a decrease in EBITDA, driven by higher operating expenses and a significant decrease in the prices of capitalised production.

The group’s total assets amounted to 305.5 million lei at the end of 2023, up 25% against the end of 2022, while total liabilities jumped by 64% to 232.2 million lei over the same period.

Holde Group's output totalled 56,550 tonnes of crops. At end-2023, the group operated some 13,725 hectares of farmland, of which 1,922 hectares were organically cultivated.

Holde Agri Invest was established in 2018 and operates 16 entities in the agricultural sector, of which 14 are crop farms in the counties of Teleorman, Dambovita and Calarasi.

Holde Agri Invest's shares traded 3.85% lower at 1.0 lei as of 1630 CET on Thursday on the Bucharest bourse.

(1 euro=4.59073)