INVL Baltic Farmland, a company that invests in agricultural land, in the first quarter of this year had revenue of EUR 153 000 and a net profit of EUR 69 000. Compared to the same period last year, the company’s revenue grew 1.3%, while its net profit increased 53.3%.
INVL Baltic Farmland’s equity at the end of March 2020 was EUR 13.19 million, or EUR 4.09 per share. Equity per share increased 9.4% compared to the end of March 2019, also taking into account dividends paid out last year.
“The situation in the agriculture sector recently has mainly been impacted by climate conditions, which were rather favourable for work early this year. So we assess the situation in this area as rather stable and continue to pursue the goals that have been set,” said Justė Gumovskienė, the director of INVL Farmland Management, which is the administrator of INVL Baltic Farmland’s land.
As regards this year’s operating forecasts, INVL Baltic Farmland plans to obtain revenue of EUR 652 000 and earn a consolidated net profit of EUR 390 000.INVL Baltic Farmland’s revenue in the first quarter was 23.5% of the full-year forecast, while its net profit was 17.7% of the amount forecast for the year.Excluding the effect of provisions for receivables in the reporting period, the net profit figure would be 25.6% of the full-year forecast.
The operating forecasts assume that during this year the value of the company’s land holdings will not change, there will be no land purchase or sale transactions, and there will be no changes in provisions for receivable amounts or impact of tenant debts on the size of the administration fee.
INVL Baltic Farmland is listed on the Nasdaq Vilnius stock exchange. Its subsidiaries own nearly 3 000 hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers.
