For 3 months of 2021, the unaudited consolidated net profit of the AB INVL Baltic Farmland group was EUR 106 thousand and the revenue was EUR 160 thousand (for 3 months of 2020 consolidated net profit was EUR 69 thousand, revenue was EUR 153 thousand).
INVL Baltic Farmland, a company that invests in agricultural land, had revenue of EUR 160 thousand in the first quarter of this yar and a net profit of EUR 106 thousand. Compared to the same period last year, the company’s revenue increased 4.6%, while its net profit grew 53.6%.
The company’s equity at the end of March 2021 was EUR 14.1 million, or EUR 4.37 per share. Equity per share increased 6.8% from a year earlier. The equity figure as of the end of March does not reflect the dividends of EUR 0.15 per share which were allocated at the general shareholders meeting on 9 April this year.
“The situation in the agriculture sector is influenced most by climate conditions, which were relatively favourable at the start of this year, and by grain prices, which have risen markedly over the last half-year. So we see the situation here positively and continue to pursue the goals that have been set,” said Justė Gumovskienė, the director of INVL Farmland Management, which administers INVL Baltic Farmland’s land
Based on the rental agreements in effect, INVL Baltic Farmland plans during 2021 to receive EUR 665 thousand of revenue and earn a consolidated net profit of EUR 385 thousand. INVL Baltic Farmland’s revenue in the first quarter of the year was 24% of the full-year forecast, while its net profit was 27.5% 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 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 approximately 3 thousand hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers.
The person authorized to provide additional information:
Director Egle Surplienė