Food production and trading company „Akola group (formerly „Linas Agro Group“)  consolidated revenues in July September amounted to EUR 384 million – a 9% decrease compared to the same time a year ago, the group reported on „Nasdaq“ Vilnius Stock Exchange. 

Consolidated three-month earnings before interest, taxes, depreciation and amortisation (EBITDA) was €27 million, down 17%, while net profit fell 27% to €13 million. 

Group CFO Mažvydas Šileika said that the decrease in sales was mainly due to lower sales of rapeseed, maize, vegetable oil and some other raw materials for animal feed. In addition, all but one of the operating segments saw a decrease in revenue. 

„The largest operating segment – partnerships with farmers – saw the biggest contraction in revenue, down 14.6%. It grew (7%) only in the food production segment. Even as revenues shrank, all businesses except farming were profitable, and the food sector was more profitable than agriculture-related businesses, Šileika said in a statement. 

In the 3 months, the Group sold 729,000 tonnes of miscellaneous products – a 5% decrease compared to the same period last year.

Farmer partnerships segment revenues amounted to €283 million or 74% of total revenues, revenues from certified seeds, fertilisers and plant care products declined by 2% to €85 million, revenues from the sale, rental and miscellaneous services of agricultural and farm machinery and equipment amounted to €23 million, down by 17% and revenues from the production of food products amounted to €107 million.   

According to Mr Šileika, according to preliminary data, this year's grain harvest in the Baltic States reached 12 million tonnes (5% more than in 2023), including 7.2 million tonnes in Lithuania.

„In the reporting period, we bought 3% less grain and rapeseed than last year, and our own grain elevators processed 7% less than last year. Most of the purchases were of second-class wheat, with very little extra-quality wheat. Grain transaction prices were 20% lower than last year," said Mr Šileika.

„Akola group“ operates the largest agricultural and food production group in the Baltics, employing over 5,000 people.