"Lytagra Group is cautious about this year's forecasts
Lytagros Group, one of the largest suppliers of agricultural machinery and services in Lithuania, expects to increase its revenues by 6% to EUR 288.2 million this year, after a 4.5% drop in revenues last year.
But the group's pre-tax profit, which grew by 1.5% last year, is expected to fall by 40% to around EUR 5 million this year, according to the „Lytagros“'Lytagros“'s consolidated report for 2024, filed with the Centre of Registers.
The group's revenue in 2024 will decline by 4.5% to €271.9 million (€284.9 million in 2023), net profit by 2% to €7.12 million (€7.27 million), and profit before tax by 1.5% to €8.3 million (€8.1 million), according to the report.
„In 2024, as the business continuously balances between managing crises and trying to meet its objectives in a focused way, the Group reduced turnover against the backdrop of a negative business environment, but made a profit by managing all business processes efficiently,The Group's future plans could be affected by the ongoing Russian war in Ukraine, the unrest in Israel, the conservative interest rate policy, the availability and cost of energy resources, restrictions on the movement of goods and the general economic outlook, it said.
The group said it expects machinery sales to increase this year as the situation in the agricultural sector improves, and is therefore „determined to meet the challenges of the sector“.
„Lytagra“ intends to increase sales in Lithuania and across the European Union, looking for new markets, and also sees potential for expansion in Latvia, where demand for parts for western machinery is growing as agriculture modernises.
In 2024, the Group will invest €15.8 million in fixed assets, 1.5 times more than last year (€10.6 million).
At the end of last year, the Group as a whole had 1,064 employees (1,075 at the end of 2023).
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