September 8 (SeeNews) - The net profit of Romanian organic farming products group Norofert rose by an annual 11.64% to 5.68 million lei ($1.15 million/1.16 million euro) in the first half of 2022, its parent company, Norofert SA [BSE:NRF], said.
The improved performance of the group is attributed to the investment in a 1,000 ha farm, in machinery, in the purchase and installation of a high-capacity soil fertilizer production line and in the improvement of the existing liquid fertilizer line, Norofert said in a statement filed with the Bucharest Stick Exchange on Wednesday.
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The group's turnover saw an annual increase of 50.5% to 29.9 million lei, while its operating profit rose twofold on the year to 34.1 million lei in the first half of 2022.
In the second half of 2022, the company expects increased sales of fertilizers due to the commissioning of a soil fertilizer production line in July.
Operational since 2000, Norofert is the main producer of organic fertilizers in Romania and holds about 30% of the local market of inputs for organic farming. The group consists of four entities – Norofert Organics, Agroprod CEV, Norofert USA and Norofert Fitofarma.
Norofert SA is listed on the AeRO market of the Bucharest Stock Exchange and has a market capitalization of 140 million lei.
Its shares traded 1.84% lower at 8 lei by 1058 CET on Thursday, bourse data showed.
(1 euro=4.8580 lei)