Unaudited results of INVL Baltic Farmland for 6 months of 2024

    Unaudited results of INVL Baltic Farmland for 6 months of 2024

Unaudited consolidated net profit of the INVL Baltic Farmland amounted to EUR 226,000 for 6 months of 2024 and the revenue was EUR 402,000 (for 6 months of 2023 consolidated net profit was EUR 218,000 and revenue was EUR 379,000).

Additional information:

INVL Baltic Farmland, a company that invests in agricultural land, had revenue of EUR 402,000, 6.1% more than in the same period last year. In the comparable period, the company's unaudited net profit increased by 3.7% to EUR 226 000.

INVL Baltic Farmland’s equity at the end of June 2024 was EUR 18.1 million, or EUR 5.62 per share. Compared to the end of June 2023, equity per share grew 16.7%.

“The climatic conditions that mainly affect cereal harvest have been favourable this year, and both scientists and farmers are expecting a favourable cereal harvest. This year's weather has led to an early harvest – at the end of June, the first fields of winter barley were already threshed in Central Lithuania and Suvalkija,” says Justė Gumovskienė, the director of INVL Farmland Management, which administers INVL Baltic Farmland’s land.

“Taking into account all current conditions, the company's management considers the situation in agriculture to be quite stable and continues to strive to achieve its set goals,” she adds.

Last year the company had consolidated revenue of EUR 794,000, or 10% more than in 2022. Its audited 2023 net profit of EUR 2.643 million was 34% larger than in 2022. Shareholders were paid EUR 388,000 of dividends for 2023, allocating EUR 0.12 per share.

This year INVL Baltic Farmland forecasts consolidated revenue of EUR 835,000 and a net profit of EUR 420,000. The forecasts assume that during 2024 the value of the company’s land holdings will not change and its assets will not be revalued, no new agreements on the purchase or sale of land will be signed, and there will be no change in the impairment of trade receivables and no impact of trade receivables 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 rented out to agriculture companies and farmers. 

The person authorized to provide additional information:
Director Egle Surpliene
E-mail: [e-mail]

 

Attachments

• Semmi-annual Management report 2024 IH together with financial statement and statement of RP
• INVL_BF_factsheet_2024 IH