Agrofert 2011 net profit surges 45.7% to $445.2m

10 May 2012 17:26  [Source: ICIS news]

LONDON (ICIS)--Agrofert largely attributes a 45.7% year-on-year rise in its net profit during 2011, to koruna (Kc) 8.7bn (€344.0m, $445.2m), to a revival in the performance of its chemical division, the Czech Republic-based group said on Thursday.

The growth in profit, recorded on a 28% improvement in consolidated sales revenues to Kc117.6bn, was mainly due to good results achieved through “a return to better economic management of our companies in the chemical sector”, Agrofert, the largest agrochemical and foodstuffs group in central and eastern Europe, added.

Agrofert, Europe’s second-largest producer of nitrate fertilizers and a producer of biofuel components, did not provide figures on the financial results of its chemical division.

The group comprises 231 companies, largely in the Czech Republic, Slovakia, and Germany.

In January, Agrofert CEO Andrej Babis said he expected the group’s 2011 net profit to hardly differ from the 2010 result of Kc5.97bn and said the group was set to slow its rapid expansion in favour of consolidation rather than further takeovers during the economic downturn.

($1 = €0.77, $1 = Kc19.54, €1 = Kc25.29)

By: Will Conroy
+44 20 8652 3214

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