Annual Financial Report
SIA AgroCredit Latvia Audited Annual Report 2019 and Corporate Governance Report
Mārupe, Latvia, 2020-04-30 15:04 CEST --
Year 2019 was a period of further growth of the company. The total interest income increased by 22% and the total assets grew by 1/3rd. Favourable situation in both – agriculture and banking sectors were the driving forces. After two years of poor yields there were harvested 3.2 million tons of grain in 2019, which was the best result in Latvia ever. The grain prices kept on good level and the financial situation of the farmers improved. The banking sector was influenced by the problems of Latvian financial system related to AML issues and were not very active in credit business. That increased the demand not only for AgroCredit traditional product – seasonal financing, but also for other credit services, which were previously served by the banks.
The company plans a stable growth in 2020 as well. The target of achieving 10 million EUR credit portfolio by the end of the grain season is set. It is also planed to continue the investments in marketing and IT development.
About SIA AgroCredit Latvia
The company is operating since 2011 and grants specialized financial services to the farmers, mainly grain growers. The seasonal financing is offered to the customers to finance the purchases of raw materials and other current assets. The loans are repaid after the harvest and sales of grain. Also long term secured loans and agriculture machinery leasing is offered to the customers.
Chairman of the Board
Phone +371 29445225