Agrowill Group becomes profitable

Agrowill Group, one of Lithuania’s agricultural market leaders, has proven to be profitable this year, earning a profit of LTL 0.347 million in the first eight months of this year. In the first eight months of this year, the company’s turnover made up LTL 27.042 million and EBITDA amounted to LTL 11.694 million.
“Following several years of intensive reorganisation of agricultural companies’ activities, we have cut operating costs, increased working efficiency and have already achieved positive financial results this year. Decisive actions in the area of efficiency enhancement and strengthening of the managerial base suggest that we have overcome the most difficult phase of the company’s existence and have managed to earn a profit even under the conditions of an economic crisis,” Algirdas Pereckas, General Manager of Agrowill Group, has said.
In his words, the EBITDA target for 2010 is LTL 13 million.
Agrowill Group currently has some 3,000 cows. The company controls 32,000 ha of land, which has yielded 41,800 tons of grain and oilseed rape this year.
The General Meeting of Agrowill Group has recently decided to more than double the authorised capital of the company from LTL 27,687,747 to LTL 65,260,397.
The main purpose of attraction of new investors is to strengthen the capital base and seek to achieve a strategic objective in future, namely to boost shareholder equity to LTL 100 million. This will facilitate further consolidation of the company’s business.
Agrowill Group says it will continue developing its current activities, increasing its operating efficiency and strengthening the company’s financial performance.

For more information, please contact:
Algirdas Pereckas, General Manager of Agrowill Group, tel.  +370-699-14227

<< All news