INVL Baltic Farmland, a company investing in agricultural land, has reported a revenue of EUR 320,000 and a net profit of EUR 203,000 in the first half of this year. Compared to the same period last year, the company’s revenue grew by 4.2%, while its net profit was up 23%.
The company’s equity at the end of June stood at EUR 13.734 million. Equity per share was EUR 4.25, up 7% from a year earlier after taking into account the paid out dividend.
„This year we are seeing consistently improving results of the company, driven by the successful year 2020 for farming activities and a good outlook for this year. Thanks to favourable weather conditions for agriculture, we anticipate record grain crops this year, while the grain prices, which remain high on the global market, also inspire us with optimism,“ said Justė Gumovskienė, CEO of INVL Farmland Management, which is the administrator of INVL Baltic Farmland’s land.
Based on the land lease agreements currently in effect, INVL Baltic Farmland plans to receive EUR 665,000 in revenue and earn a consolidated net profit of EUR 385,000 this year. INVL Baltic Farmland’s revenue in the first half of the year was 48% of the full-year forecast, while its net profit was at 52.7% of the amount forecast for the year.
The operating forecasts assume that during this year the value of 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 the impact of leaseholders‘ debts on the size of the administration fee.
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 leased out to agricultural companies and farmers.