Purcari Wineries’ (WINE) consolidated revenue for the first half of the year amounted to RON 195.40 million, up 17.79% from RON 165.89 million in the previous fiscal year. Cost of sales increased 29.03% to RON108.23 million from RON87.26 million.
These figures were achieved on the back of sales growth of 20% in its main market, Romania, and 12% in Moldova. In Bulgaria, where the company acquired the Angel’s Estate winery, the growth amounted to 33%.
Net profit decreased by 46.58% from RON 29.28 million to RON 15.64 million. It amounted to RON 9 million in the first quarter and RON 55.51 million for the whole of last year. From this profit, the company will pay a dividend with a yield of 4% next month.
As of June 30, Purcari had total assets of RON 801.74 million, up 8.44% from RON 739.31 million at the end of last year. During the same reporting period, total liabilities increased by 20.90% from RON341.05 million to RON412.34 million.
This summer, the Polish company Maspex became the majority shareholder of the Moldovan wine producer, acquiring 72.80% of shares in a public takeover. In parallel, the company of Victor Bostan, the founder of Purcari Wineries, Amboselt Universal, reduced its stake to 15.08% of the share capital, as it sold 5% of shares to the Poles.
At the price of RON 21.00 per share announced in the Maspex Romania offer, the market value of Purcari Wineries now stands at RON 852.02 million (EUR 168.33 million).
