Advance Terrafund reported BGN 3.2m of revenue in Q2’24 (+46.0% YoY). The increase was primarily driven by higher profit from land sales of BGN 662k, compared to just BGN 61k in the comparable period of last year. The premium at which the land was sold, compared to its book value, remained elevated at 87.3%. Still, only 423 daa were sold directly during the Apr-June 2024 period, which while above the base period in 2023 is still a pretty low figure. This indicates lower demand from the usual land buyers – the farmers, whose financial situation worsened during last year, due to lower crop yield and collapsing grains prices. Q2’24 rent income increased 20.6% YoY to BGN 2.4m, mainly on higher average rent/daa. Cost of hired services added 31.4% YoY to BGN 1.1m, leading to a bottom line of BGN 2.1m (+56.0% YoY), which translates into EPS of BGN 0.02. H1’24 revenue came at BGN 6.3m (+43.9% YoY), including BGN 4.9m of rent income (+20.6% YoY) and BGN 1.2m of profit from land sales. Note, that while 8 438 daa were sold in H1’23, compared to just 638 daa in H1’24, the overwhelming majority of the sold plots in H1’23 were revalued in the 2022 annual report in accordance with the preliminary sale contracts, therefore resulting in pretty much no premium over book value. Cost of hired services amounted to BGN 1.9m (-53.3% YoY), due to lower fees related to land sales. The bottom line came at BGN 4.3m (EPS of BGN 0.05), compared to just BGN 17k in H1’23. Turning to the balance sheet, Advance Terrafund continues to maintain a debt-free balance sheet with a cash position of BGN 6.4m, compared to BGN 24.0m in the beginning of the year. The fund recorded CFO of negative BGN 811k in H1’24, as the company was a net buyer of land during the period. CFI came at negative BGN 16.8m, primarily related to the annual dividend payment.