Agriculture, food production and trading company „Akola group“ (formerly „Linas Agro Group“) generated consolidated revenues of 1.12 billion USD in the first nine months of the financial year 2023-2024, a decrease of 25% compared to the same period of the previous year.

Between January 2023 and the end of March this year, „Akola group“ earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to €46 million, down 25%, while net profit fell 63% to €9 million, the group said on the Vilnius Stock Exchange via the Nasdaq“. 

„Akola group“ CFO Mažvydas Šileika said all operating segments generated lower revenues than at the same time last year.

„The most difficult situation was in agriculture – both crop farming and dairy farming were loss-making activities. Farmers delayed investments in new machinery in the face of low grain and milk prices, but this boosted demand for machinery rental services, which led to a more than 150% increase in sales revenues from these activities, Šileika said in a statement.

Importation of raw materials and feed additives from Ukraine has not been smooth, he said, – shipments have been hampered by restrictions and protests by Polish farmers.

„On the world market, grain supply has been high throughout the period under review, competition between exporters has been strong, which has led to a further downward pressure on the price of grain due to the dumping of grain by Russia, which has increased its export quotas and lowered the minimum price of wheat for export,“, said Mr Šileika.

„Among the activities that grew the most were trade in certified seeds, fertilisers, some raw materials for animal feed, pet food and veterinary pharmaceuticals. Our own grain elevators have also seen growth in revenues," said Mr Šileika.

In the three quarters, the Group sold 2.4 million tonnes of miscellaneous products –12% less than the same period in 2022-2023.

„Akola group“ operates the largest agri-food group in the Baltics, consisting of 69 subsidiaries and 2 associates. The group currently employs 4.9 thousand people.