AB Linas Agro Group sells unexploited real estate
AB KaunoGrūdai, a subsidiary of AB Linas Agro Group, today signed an agreement with UAB Nordic Estate to sell 3.3353 ha land plot in Kaunas at H. and O. Minkovskių str. 41A and structures thereon. The transaction price is 4 million euros, excluding VAT.
“For the second year in a row, we are optimizing our assets to generate a higher return on them. After taking over the management of AB Kauno Grūdai, we are screening the assets of this company and assess the extent to which it will be useful for the further development of production. The plot for sale is the furthest from our feed production unit and does not have the critical infrastructure for production. Prior to the transaction, the land plot value was assessed by independent real estate evaluators,” said Mažvydas Šileika, Chief Financial Officer of AB Linas Agro Group.
About AB Linas Agro Group
AB Linas Agro Group is the largest in terms of revenue group of companies in the Baltic States among those whose shares are traded on the Nasdaq Vilnius Stock Exchange. The group of companies operates in the production and trade of agricultural raw materials and food products and supplies goods and services to farmers. It has over 5,500 employees.
AB Linas Agro Group has 77 subsidiaries and three associates. The companies operate in the Baltic States, Ukraine, Poland, Russia, Belarus, the Netherlands, and the United Kingdom.
The group's financial year begins on 1 July. The consolidated revenue of the group for the financial year 2020/2021 amounted to EUR 942 million, and net profit was EUR 14.2 million.
In mid-July this year, AB Linas Agro Group acquired controlling stakes in AB Kauno Grūdai, AB Kaišiadorių Paukštynas, AB Vilniaus Paukštynas, and related companies. Following the acquisition, the Group's consolidated revenue for the three months of the financial year 2021/2022 grew by 84% and amounted to EUR 440 million, and net profit increased by 199% to EUR 12 million.
Additional information will be provided by:
Mažvydas Šileika, CFO of AB Linas Agro Group
Mob. +370 619 19 403
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