Grain wholesale company Agerona Ltd last year worked with a turnover of 66.547 million euros, which is 16.4% more than a year ago, while profit increased 2.4 times to 255,828 euros, according to Firmas.lv.
In the Annual Report’s Management Report is stated that the profit of 2018 was influenced by several factors in the grain market, including the fact that due to the prolonged drought the production in certain regions decreased by as much as 70%. Thus, the company’s cooperation partners were not able to fully fulfill their contractual obligations.
However, according to the company’s management, the increase in the company’s turnover was driven by the increase in the share of imports – last year, Agerona expanded its cooperation with Russian and Ukrainian grain companies.
Last year, Agerona continued to specialize in grain, legume and rape trade by buying and selling in other European Union (EU) countries. The company’s main suppliers were companies in Latvia – direct producers – farmers and local grain trading companies.
According to the management report, the company outside Latvia sells on average 90-95% of the purchased grain, and 5-10% is sold on the domestic market. Within the group, the company concludes export contracts for grain deliveries to countries such as the Netherlands, Denmark, Norway, Pakistan, Egypt and Tanzania.
The company purchases and exports not only conventional grain legumes and oilseed rape, but about 10% of its total exports are organic products that the company exports entirely outside Latvia, including Germany, the Netherlands and Denmark.
In 2017, Agerona’s turnover was EUR 57,194 million, and its profit was EUR 104,647. Company Agerona was registered in 2009 and its share capital is 2840 euros. The owner of the company is Lithuanian “Agerona”, while the real beneficiaries are two Danish citizens and one Lithuanian citizen.
Information source: la.lv