The board of INVL Baltic Farmland, a company that invests in agricultural land, approved the company’s operating forecasts for 2024, dividend proposal to shareholders, and procedure for purchasing own shares. An annual general meeting of the company’s shareholders on 10 April will vote on approving the board’s proposals.
This year INVL Baltic Farmland forecasts consolidated revenue of EUR 835,000 and a net profit of EUR 420,000. The forecasts assume that during 2024 the value of the company’s land holdings will not change and its assets will not be revalued, no new agreements on the purchase or sale of land will be signed, and there will be no change in the impairment of trade receivables and no impact of trade receivables on the size of the administration fee.
Last year INVL Baltic Farmland had consolidated revenue of EUR 794,000, which is 10% more than in 2022, and an audited net profit of EUR 2.643 million, or 34% more than the year before. The board of INVL Baltic Farmland proposes paying shareholders dividends of EUR 388,000, or EUR 0.12 per share, for 2023.
“The company meets its goals consistently and last year too delivered good operating results. That enables us again this year to pay higher dividends to shareholders than is stipulated in the company’s dividend policy,” says Alvydas Banys, the chairman of the board of INVL Baltic Farmland.
INVL Baltic Farmland’s dividend policy envisages dividends of EUR 0.10 per share.
The board of INVL Baltic Farmland proposes that an existing reserve of EUR 3.08 million be used for own share purchases to ensure that shareholders have the possibility of selling their shares. The company would be able to acquire own shares with a nominal value not to exceed 10% of its share capital. The maximum purchase price per share would be EUR 5.50 and the minimum EUR 3.50. Purchases of own shares would be allowed for a period of 18 months from the date of the general shareholders’ meeting.
INVL Baltic Farmland is listed on the Nasdaq Vilnius stock exchange. Its subsidiaries own approximately 3,000 hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers.
