East West Agro’s income grew by 16 percent this year. up to 19.6 million euros

Profit before taxes amounted to 1.05 million. euros and was 11.7 percent. higher, the company said. It did not disclose its net profit to BNS.

According to the company, the difficult natural conditions of 2022 had a negative impact on the quality of the harvest, but Lithuanian farms managed to grow about 20 percent. more harvest of main crops than in 2021 – about 7.5 million tons.

“Higher yields and record purchase prices of production allow us to predict the growth of farm income, but the cost price of agricultural production is significantly increased by the increased prices of fertilizers, fuel and labor,” the company said.

According to her, the market of agricultural machinery continues to grow this year, although there is a shortage of machinery for the second year in a row and machinery manufacturers are unable to meet market demand. Production processes are expected to return to normal in the first quarter of 2023.

“The general atmosphere in the agricultural sector is positive – the last few years have been financially successful and profitable for farms. The purchasing power of farms remains strong, financing sources willingly and competitively finance investments,” the report states.

According to him, similar trends should continue in the coming years. East West Agro expects sales revenue for the full year to reach 38.3 million. euros, and EBITDA – 3.2 million euros.

The company’s board intends to allocate 30-45 percent for dividends. annual net profit.

“East West Agro” shares are quoted on the alternative market of the Baltic stock exchanges “First North“.

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