Agroserv Mariuta (BVB: MILK ), a Romanian agricultural company and owner of the Laptaria cu Caimac brand, posts a 29.5 million lei turnover in the first half of 2022, up 15% compared to the same period last year. The company listed on the AeRO market of the Bucharest Stock Exchange closed the first semester of 2022 with a net loss of 1.4 million lei amid the challenges related to inflation and the increase in energy prices that led to an increase in operating expenses.
“2022 is a very difficult year in all aspects of our business due to several challenges with a significant impact on the activity we carry out, such as the war in Ukraine, inflation, the increase in energy and fuel prices, and the lack of precipitation. All these elements directly impacted all players in the market, resulting in a decrease in dairy sales, as well as price increases for all factory and farm inputs. However, we look optimistically at the second half of the year due to the lifting of restrictions related to the pandemic, combined with the return to the office and school in physical format, which will contribute to the increase in demand for our products, including those launched this year,” stated Madalina Cocan, CEO, Laptaria cu Caimac.
The sales of dairy products, semi-finished products, and goods reached 19.3 million lei, having the largest contribution to the total turnover in the first half of the year.
Revenue from farming activity amounted to 3.6 million lei in the first six months of 2022, following the cultivation of an area of almost 2,600 ha. By June 2022, the company recorded a total production of 6.8 thousand tons, of which the wheat crop represented 34%, silage rye 38%, and silage lucerne 23%.
Revenue from animal husbandry reached 6.6 million lei, mainly due to the sale of raw milk, 5.5 million lei, followed by the sale of animals, 1.2 million lei. In the first half of 2022, the total milk production was almost 7.1 million liters, a 2% increase compared to the first six months of 2021. Therefore, the average production in the first half of 2022 was more than 39 tons per day. The factory used more than half of the farm’s milk production.
In the first part of 2022, Agroserv Mariuta opened a new production unit built with the funds obtained from the MILK25E bond issue, which holds the cheese and butter production lines. The cheese production line can make soft cheeses (soft paste, hard paste, creamy fresh cheeses, noble mold cheeses) and cheeses (pasteurized and unpasteurized milk cheese, smooth and semi-soft paste, semi-hard paste, matured curd, etc.).
“One of the key positive aspects recorded in the first semester was that cheese products registered a good evolution, a trend that continued after the end of the reporting period, in July and August. In addition, the market has received our butter well, and sales in the summer months are above expectations. Months seven and eight saw encouraging sales, a positive sign considering that the summer coincides with a drop in dairy sales, compounded by still high inflation. Therefore, the fact that we have not lost customers and recorded a positive development gives us confidence for autumn, the main dairy season. Also, the precipitations and stabilization of prices recorded in the last month provide us positive perspectives for the next period,” added Madalina Cocan.
Considering the positive prospects forecast for the second half of the year, Agroserv Mariuta maintains its budget for 2022, approved during the General Meeting of Shareholders in April 2022. Thus, for this year, the company has budgeted a total turnover of 94 million lei and a net profit of 2.7 million lei.
Agroserv Mariuta is listed on the AeRO market as of May 21, 2021, and currently has a market capitalization of approximately 74 million lei.