INVL Baltic Farmland, a company that invests in agricultural land, increased its revenue in the first quarter of this year to EUR 129 thousand, which is 6.6 per cent more than in the same period of 2015. The company’s first-quarter net profit decreased on an annual basis by 20.7 per cent to EUR 92 thousand.
“INVL Baltic Farmland’s results correspond to what was planned. Growth of revenue is being driven by continuing strong demand for renting land. We’re improving collaboration with the farmers that rent our land by gradually shifting to long-term rent agreements,” said Kristina Urboniene, the director of INVL Farmland Management, which is the administrator of INVL Baltic Farmland’s land.
Revenue in the first quarter was 24.3 per cent of the amount planned for the full year (EUR 530,000), while net income was 30.7 per cent of the planned 2016 net profit (EUR 300,000). The forecasts for 2016 were prepared assuming that the value of the company’s agricultural land holdings will not change this year and there will be no land sale or purchase transactions.
With the price of the company’s shares on the exchange having fallen below their true value, INVL Baltic Farmland announced a buy-back of the company’s own shares between 25 April and 20 June. The offer being made is to buy a total of 70,000 shares of INVL Baltic Farmland at the price of EUR 3.21 per share.
INVL Baltic Farmland is listed on the Nasdaq Vilnius exchange. Its subsidiaries manage 3,000 hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers. The company allocated dividends for 2015 of EUR 217 thousand, or EUR 0.066 per share.
