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Romania’s Norofert Group net profit up 49% in 2022

Mar 9, 2023, 5:52:30 PMArticle by Bogdan Todasca
share
March 9 (SeeNews) - The net profit of Romanian organic farming products group Norofert rose by 49% year-on-year to 10.57 million lei ($2.27 million/2.15 million euro) in 2022, its parent company Norofert [BSE:NRF] said.

Romania’s Norofert Group net profit up 49% in 2022
Norofert Group factory in Filipestii de Padure Source: Norofert social media

The group’s turnover amounted to 70.68 million lei in 2022, increasing by an annual 36%, Norofert said in a filing with the Bucharest Stock Exchange on Wednesday.

“[…] the figures show us that the gross margin improved, once again exceeding 20%. This is a fundamental indicator for us, because it shows, especially in a difficult year, that we can stay above inflation and be profitable even in adverse conditions,” Vlad Popescu, chairman of the board of directors, said.

Operating revenues increased by 57.9% on the year to 77.36 million lei, while operating expenses rose by an annual 59% to 62.56 million lei.

The parent company booked a net profit of 9.4 million lei in 2022, or 88.9% of the group’s total, after increasing by 32.6% on the year. Its turnover rose by 30% on the year, to 67.7 million lei, or 95.8% of the group’s consolidated result.

Total assets amounted to 76.93 million lei at the group level at the end of 2022, increasing by 20.7% on the year, while total liabilities grew by an annual 20.5% to 51.9 million lei. The assets of the parent company made up 90.3% of the group’s total, while its liabilities constituted 89%.

The group’s consolidated results include both Norofert and its subsidiary, Agroprod CEV’s results. The parent also owns Norofert USA, its arm in the U.S., but its result has not been included in the board of directors report as it did not conduct activities in 2022.

Despite inflationary pressures coupled with global political instability and climate risks, Norofert maintains a positive outlook with regard to the agriculture sector’s resilience in 2023. Its strategy for the following year is one of consolidation, risk aversion and market stability.

The Microorganism Multiplication and Research Laboratory in Filipestii de Padure along with investments in the liquid products line and the irrigation system at its Zimnicea farm are among Norofert’s main investments planned for 2023.

Norofert shares traded 2.57% lower at 6.82 lei as at 1557 CET on the Buchares bourse on Thursday.

(1 euro=4.9156 lei)

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