Linas Agro Group
AB Linas Agro Group performance and financial results for the three months of 2020/21
Consolidated revenue went up 60% to EUR 239 million. Sales volume in tons reached 769 thousand tons of various products and was 75% more as compared to previous year.
The gross profit reached EUR 13.2 million and was 26% higher than a year before. Consolidated EBITDA was 92% higher and amounted to EUR 9.2 million. The operating profit was EUR 4.9 million or 260% higher.
Profit before taxes amounted to EUR 4.5 million against EUR 0.9 million in previous year. The net profit attributable to the Company went up from EUR 0.6 million to EUR 3.9 million.
A commentary by Mažvydas Šileika, Financial Director of AB Linas Agro Group:
"A good harvest has helped to achieve very good trading results, and poultry business was the one most affected by the global pandemic.
Revenue from trade in grain, oilseeds and feedstuff increased by 100% over the year to EUR 172 million, and operating profit amounted to EUR 3.3 million being 4.7 times higher.
Due to the successful growing season, our customers-farmers also recovered, their financial situation became more stable, therefore they increased investments in new crops, and updated their agricultural machinery fleet. Products and services for farming generated EUR 48 million or 15% higher income and 111% higher operating profit – EUR 2 million. Sales of seeds and plant care products grew by 4% and 27%, respectively, sales of fertilizers remained at the same level and sales of agricultural machinery increased by 32%. Grain preparation and farm equipment installation projects generated three times more revenue than in previous year.
Agricultural companies produced 40% more crop production and 8% more milk than in the same period last year, their sales revenue increased by 18% to EUR 11 million, and operating loss decreased by 97% to EUR 0.4 million.
We have faced the biggest challenge in poultry business, as the HORECA sector in various European countries has not fully recovered as a result of the pandemic, and surplus production has pushed down prices. Revenue from these activities decreased by 12% to EUR 17 million, and operating profit went down 88% to EUR 0.16 million."
AB Linas Agro Group Consolidated unaudited Financial Statements and Interim Activity Report for the three months period ended 30 September 2020.
Mažvydas Šileika, Finance Director of AB Linas Agro Group
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