May 2 (SeeNews) - Romanian organic agricultural products maker Norofert [BSE:NRF] said it turned to a net loss of 3.9 million lei ($841,224/783,778 euro) in 2023, from a profit of 10.6 million lei in the previous year.
Revenue dropped by an annual 43% to 40.3 million lei last year, the company said in a financial report filed with the Bucharest Stock Exchange on Tuesday.
You can download the 2023 Agriculture industry in Southeast Europe report here
"The monthly fluctuation of prices and the uncertainty related to the inflow of grain from Ukraine have made the grain trading market bring very large losses to experienced players in the field," the company explained.
Norofert's operating result plummeted 100% to 3,703 lei in 2023.
Norofert projects a return to profit in 2024, estimating a positive net result of 2.5 million lei for the current year. The company intends to achieve this result by promoting the new products in its portfolio and increasing its customer base.
Earlier this year, Norofert announced it was investing 250,000 euro in a production line for soil health and foliar nutrition products in the state of South Dakota. Last month, the company said it closed its first distribution agreement in the United States.
Established in 2000, Norofert is the main producer of organic fertilisers in Romania. It has three business lines: production of inputs for organic and conventional agriculture, organic farming and grain trading.
Norofert shares traded flat at 4.09 lei as at 1103 CET on Thursday on the Bucharest bourse.
(1 euro=4.9759 lei)