Elana Agrocredit‘s Q4‘22 profit jumps 161.7% YoY due to base effects and higher income from fees and leases (POSITIVE)

25.01.2023 Source: Elana Agrocredit; FFBH

Elana Agrocredit Q4’22 financial statement revealed 1.8% YtD increase in lease receivables to BGN 32.1m and 59.7% YtD increase in loans to BGN 27.9m as the EUR 5m bond issue, placed successfully in the middle of September, was utilized in October. Cash and equivalents decreased to BGN 757k, bringing total assets to BGN 62.2m (+14.2% YtD). Liabilities jumped 60.8% YoY to BGN 19.5m, due to the above mentioned bond placement. Interest income for the quarter was up 11.4% YoY to BGN 1.2m, while fees, commissions and other revenue brought BGN 1.6m of revenue (+82.3% YoY, due to BGN 1.0m of sold assets in Q4‘22). Interest expense jumped 66.0% YoY to BGN 171k as interest rates started to increase and the company’s IB debt has a floating component. Net profit for the quarter amounted to BGN 594k (+161.7% YoY), which translates into EPS of BGN 0.02. For 2022, the company recorded 1.1% YoY higher interest income (BGN 4.4m), while fees, commissions and other revenue brought BGN 3.3m of revenue (+2.6% YoY). Financial expenses amounted to BGN 653k (+42.6% YoY). Net income for the year came at BGN 2.8m (+4.4% YoY), which translates into EPS of BGN 0.08.