Agrofert earnings rise

Agrofert earnings rise

Agrofert, the Czech Republic's largest food maker, saw its annual sales and earnings rise on a "significant increase" in volumes.

The company said revenue in fiscal 2015 rose to CZK167bn (US$6.9bn), versus CZK166bn in the year-ago period. The group attributed the growth to a "significant increase in the volumes of consolidated revenues... New companies contributed to the increase in turnover only insignificantly".

Consolidated profit at Agrofert in 2015 amounted to CZK8.6bn from last year's CZK6.1bn while EBITDA rose to CZK15.987bn from last year's CZK 3.08bn. 

Agrofert, which groups more than 250 companies from fertiliser production to bakeries and meat processing, said that the main driver for its profits was its chemicals division. "The main reason for this increase is the improvement of the management company of the chemical segment," Agrofert said in a regulatory filing. 

Agrofert's food interests span the production of meat, smoked meat, dairy and bakery products.