INVL Baltic Farmland, a company that invests in agricultural land, had revenue of EUR 569,000 in the first nine months of this year and an unaudited net profit of EUR 315,000. Compared to the same period last year, the company’s revenue grew 6.4% and its net profit shrank 45.7%.
Results for January-September 2022 were significantly affected by gains from a sale of land. Excluding the impact of that sale of land, the company’s net profit for nine months of 2023 was 11.5% larger than in the same period last year.
“2023 has not been a very favourable year for agriculture. Dry weather followed by heavy rain caused many difficulties, and we also saw market volatility in produce and fertiliser prices. Despite all the meteorological and other market challenges, this year’s crop harvest was very similar to last year’s: about 7 million tonnes of rapeseed, wheat and legumes were produced in Lithuania, with wheat accounting for the largest share of the total harvest (about 4.24 million tonnes). We continue to work closely with farmers in order to achieve our goals and pursue balanced growth,” says Justė Gumovskienė, the director of INVL Farmland Management, which administers INVL Baltic Farmland’s land.
INVL Baltic Farmland’s equity at the end of September this year was EUR 15.97 million. Equity per share was EUR 4.95 and, taking into account the dividends that were allocated, grew 11.6% from a year earlier.
This year INVL Baltic Farmland expects consolidated revenue of EUR 790,000 and a net profit of EUR 365,000.
The forecasts assume that during 2023 the value of the company’s land holdings will not change, there will be no new purchases or sales of land, and there will be no changes in provisions for receivables or impact of tenant debts on the size of the administration fee.
In 2022, INVL Baltic Farmland had consolidated revenue of EUR 722,000 and a net profit of EUR 1.97 million. Of that, EUR 484,000 of dividends were paid to shareholders, or EUR 0.15 per share, which is 50% more than the EUR 0.10 per share amount stipulated in the company’s dividend policy.
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.
