Agricultural machinery and grain storage equipment trading company „East West Agro“ last year generated unaudited earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 2.59 million, a decrease of 2% compared to the figure of EUR 2.64 million for 2023. 

The company's unaudited net profit fell 7 percent last year to 1.56 million euros (1.67 million euros), while revenue – fell 9 percent to 31.9 million euros (35 million euros), the company said on Friday on the Vilnius Stock Exchange. 

„East West Agro“ expects its EBITDA to grow by 1.6 times this year to 4.2 million euros, and its revenue to grow by 36 percent to 43.5 million euros.

„Last year, the market for agricultural machinery across Europe experienced a downturn that forced many manufacturers to temporarily shut down some of their factories,– the company said.

Additional pressures on farms have been caused by rising interest rates, which have increased the cost of borrowing and slowed down machinery development, it said. 

According to „East West Agro“, the total number of new tractors sold in the country last year was 23% lower at – 516, while the number of combine harvesters was 46% lower at – 94. At the same time, the company's sales of these machines grew by 3% to €14.4 million, down 37% to €6 million and down 26% to €3.8 million respectively.

„Although the market for the equipment was at its lowest point in 15 years, the company managed to manage stock balances and maintain competitive pricing,

says „East West Agro“.

40% of the company's shares are held by Danas Šidlauskas, 39.67% by Gediminas Kvietkauskas, 9.39% by „Multi Asset Selection Fund“ and 10.92% by „minority shareholders.

According to the data of„Sodros“, the company currently employs 82 people.

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