March 1 (SeeNews) - Bucharest-listed wine maker Purcari Wineries [BSE:WINE] said that its adjusted net profit decreased 5% on the year to 43.1 million lei ($9.31 million/8.75 million euro) in 2022.
Revenues were up by 22% on the year, amounting to 302.5 million lei in 2022, Purcari Wineries said in an unaudited statement filed with the Bucharest Stock Exchange.
The highest annual growth in sales for the company, of 42%, was registered on the Asian market, followed by a 27% revenue expansion in Moldova. The Romanian market increased by an annual 20%, while the Polish market saw a 2% drop. The company's sales on the Ukrainian market last year were at 58% of the levels recorded in 2021.
Purcari's adjusted EBITDA rose by an annual 8% to 81.5 million lei in 2022.
The company's assets amounted to 555.6 million lei in 2022, compared to 466.8 million lei in 2021.
"It has been a strong year for Purcari, despite the difficult macroeconomic backdrop. We have largely exceeded our guidance for the year, in terms of both revenue growth and margin levels. We maintain a strong balance sheet and are well prepared to take advantage of the opportunities out there, to consolidate our market position; we are looking optimistically into 2023," Victor Bostan, CEO of Purcari Wineries, said.
Founded in 1827, Purcari Wineries is one of the largest wine and brandy groups in Central and Eastern Europe. The group manages over 1,450 hectares of vineyards and operates seven production platforms in Romania, Moldova and Bulgaria. Purcari is the leader in the premium wine segment in Romania, with a 25% segment share, and the largest wine exporter from Moldova, delivering its produce to over 40 countries.
Blue-chip Purcari's shares traded 1.12% higher at 9 lei as of 1004 CET on Wednesday, on the Bucharest Stock Exchange.
(1 euro=4.92300 lei)