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Record turnover and record profit in Baltic agribusiness companies
The Danish Agro group’s three Baltic agribusiness companies have had excellent results in 2020 and strengthened the group’s position as a market leader across the three countries.
The Danish Agro group’s three Baltic agribusiness companies, AS Baltic Agro in Estonia, SIA Baltic Agro in Latvia and UAB Baltic Agro in Lithuania, have had excellent results in 2020 and strengthened the group’s position as a market leader across the three countries. In the light of Covid-19 and of strong competitive pressure, the companies’ total turnover of EUR 800 million is an extremely good showing. It represents growth of 25% in relation to 2019 and an impressive total growth of 62% since 2018. The operating profit (EBITDA) has followed this path of excellent development and in 2020 reached EUR 20 million, which is 30% higher than 2019.
According to the Group CEO of Danish Agro, Henning Haahr, the basis for the companies’ success is not least a competitive setup, talented management and committed employees:
“We have some talented managers and employees in our Baltic companies, who have once again achieved good development of their businesses. They know their customers inside and out, and over a number of years they have created a setup that many farmers choose. There has been growth in all three countries, and they have done excellently at developing their businesses on the basis of farmers’ needs,” he explains.
According to Henning Haahr, the results in the Baltic region are yet another example showing that the Danish Agro group’s international strategy is the right one.
“We took over the three Baltic companies back in 2006, and all three have delivered the goods right from the start. We are in a position to supply services and products that create value for Baltic farmers, at the same time as we create value for the group’s shareholders. It has been exactly the right way to go for us. Going forward, I see strong synergies among the group’s machinery activities and agribusiness activities in the Baltics, and I’m sure that the companies will develop further in the coming years,” he concludes.
AS Baltic Agro in Estonia, SIA Baltic Agro in Latvia and UAB Baltic Agro in Lithuania employ a total of 550 people.