Czech Agrofert to slow expansion despite record profits

02 December 2011 15:21  [Source: ICIS news]

LONDON (ICIS)--Czech Republic-based agrochemical and foodstuffs group Agrofert is to slow its rapid expansion, despite achieving a record nine-month net profit of approximately koruna (Kc) 8bn ($427m, €317m), the group’s CEO said on Friday.

With the fourth quarter already looking considerably weaker than the first three quarters of 2011, because of the economic downturn, now was the time to prioritise consolidation rather than expansion, Andrej Babis said.

The Agrofert group comprises 231 companies, largely located in the Czech Republic, Slovakia and Germany. Babis added that he was also devoting time to leading his newly-created ANO 2011 (Yes 2011) civic movement, which intends to fight the next Czech general election on an anti-corruption ticket.

Agrofert recorded revenue of Kc131bn in the first nine months of 2011, the company added.

The group – Europe's second-largest producer of nitrate fertilizers ­– did not divulge the financial figures for the first three quarters of last year.

However, Babis said he expected Agrofert’s full-year net profit to hardly differ from the figure recorded in 2010 – Kc5.97bn, up by 60% year on year.

($1 = €0.74)
($1 = Kc18.75)
(€1 = Kc25.24)

By: Will Conroy
+44 20 8652 3214

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