INVL Baltic Farmland had a net profit of EUR 290,000 in the first three quarters of the year

INVL Baltic Farmland, a farmland investment company, generated sales of EUR 481,000 and a net profit of EUR 290,000 in the first three quarters of this year. Compared to the same period last year, the company's revenue increased by 4.6% and net profit was up 8.6%.

The company's equity at the end of September 2021 was EUR 13.8 million. Equity per share stood at €4.28, an increase of 6.7% over the year compared to the end of September 2020, taking into account a dividend payout.

"Although at the beginning of the summer there were expectations of another record cereal harvest, preliminary estimates suggest that this year's harvest for Lithuanian farmers has been around 9% lower than last year. But the harvest was really good, third highest level in history. The prevailing exceptionally high cereal prices on international commodity markets and good cereal yields are strengthening the farmers' market positions and contributing to further growth. The positive sentiment in the agricultural market and the financial stability of farms enable us to continue to achieve our goals," said Justė Gumovskienė, CEO of INVL Baltic Farmland Management, the company that manages INVL Farmland's land holdings.

Based on the concluded lease agreements, INVL Baltic Farmland expects to generate a consolidated net profit of EUR 385,000 on sales of EUR 665,000 in 2021. For the first nine months of the year, INVL Baltic Farmland's sales stood at 72% of its projected annual target and its net profit was at 75% of the annual target.

The performance projections are based on the assumption that there will be no change in the value of the land parcels held during the year, no purchase or sale of land, no change in the provisions for receivables and no impact on the management fee from leaseholders' debts.

INVL Baltic Farmland's subsidiaries, listed on the Nasdaq Vilnius Stock Exchange, own around 3,000 hectares of agricultural land in Lithuania, which is leased to agricultural companies and farmers.