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Romanian stock indices rise further, BVB leads gainers
Aug 24, 2023 16:31 EEST
August 24 (SeeNews) - Bucharest-listed wine maker Purcari Wineries [BVB:WINE] said on Thursday its net profit rose 22% year-on-year in the first half of 2023 to 25.5 million lei ($5.6 million/5.2 million euro).
The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) reached 44.5 million lei in the first six months of 2023, up by an annual 15%, Purcari Wineries said in an unaudited financial report filed with the Bucharest Stock Exchange, BVB.
Revenues jumped by 30% on the year to 161.4 million lei in the six months through June. Sales on the Romanian market grew by an annual 40%, while in Moldova, they increased at a more modest pace of 11%. The two markets accounted for most of the company's sales, with Romania slicing a share of 57% and Moldova generating 18% of the total revenue.
"Overall, we feel we are in a strong position, gaining market share, amidst overall economic weakness in the world. Our affordable luxury positioning proves its resilience, which is very encouraging,” Victor Bostan, CEO of Purcari Wineries, said.
All brands performed well, with the company's flagship wine Purcari accounting for 53% of total sales and leading growth with an annual rate of 38%. The company's premium brandy Bostavan was the runner-up brand, representing 19% of sales, after growing by 8% on the year, as price increases were pushed and margins were prioritised over volumes.
Total assets reached 607.8 million lei at end-June, up 7% since the end of last year, while total liabilities grew by 11% to 291.6 million lei.
During the first half of 2023, the company reinforced its commitment to environmental, social and governance (ESG) initiatives by establishing an ESG committee, while also expanding its photovoltaic system and reaching an annual production capacity of 960 kW.
Purcari Wineries manages around 1,450 hectares of vineyards and operates seven production platforms in Romania, Moldova and Bulgaria. The company is the leader in Romania's premium wines segment with a market share of approximately 25% and the largest wine exporter from Moldova, delivering to over 40 countries.
Blue-chip Purcari Wineries Public Company shares traded 1.89% higher at 11.84 lei per share as of 1447 CET on Thursday, on the BVB.
(1 euro = 4.9345 lei)
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