BVB-listed winemaker Purcari ups net profit by 49% on asset sale

Moldovan wine producer Purcari Wineries, whose shares are trading on the Bucharest Stock Exchange (BVB) under the ticker WINE, recorded a net profit of RON 60.4 mln (EUR 12.5 mln) in 2020, up by 49% compared to the previous year.

The group’s profit increase was mainly determined by the sale of its stake in bottle manufacturer Glass Container Company (GCC) to Vetropack, in December 2020. The deal also boosted the group’s liquidities to RON 50 mln (EUR 10 mln).

Meanwhile, the operating profit (EBITDA) went down by 8% last year, to RON 60 mln (EUR 12.4 mln), as the turnover was only marginally higher (2%) compared to 2019, at RON 203 mln (EUR 41.9 mln).

The turnover dynamic was stronger in the fourth quarter (Q4), when the sales went up by 7% compared to the same period of 2019, to RON 65 mln. The group’s sales in Romania went up 20% in the fourth quarter and 24% for the whole year.

Purcari’s shares are up 10% on the Bucharest Stock Exchange this year (as of March 1, 2021). The company’s capitalization currently stands at RON 480 mln (EUR 98.5 mln).

(Photo source: the company)